Donnelley Financial Solutions

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. Name> Donnelley Financial Solutions

. Phone Number> 888-585-9925

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. Filer Id> 0000842790

. Filer CCC> **********

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. Sro Id> NONE

. Period Of Report> 08-31-2021

. Inv Company>

. Inv Company Type> N-1A

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Donnelley Financial Solutions Nov 01 2021 07:58 EST page 1 of 4

Submission Header Information

INVESCO 224563/1Blackline Date : N/A

. Document>

. Conformed Document Type> EX-99.906 CERT

. Description> EX-99.906 CERT

. HTML> [224563.EX99_906CE]

. Series Classes>

. Report Series Class>

. Rpt Series Class Info>

. Series Id> S000000243 (INVESCO High Yield Fund)

. Class Id> C000000586 (Class A)

. Class Id> C000000588 (Class C)

. Class Id> C000000589 (Investor Class)

. Class Id> C000023117 (CLASS R5)

. Class Id> C000071210 (Class Y)

. Class Id> C000120675 (Class R6)


. Series Id> S000000251 (INVESCO Income Fund)



. Class Id> C000000604 (Class R)






. Series Id> S000000252 (INVESCO Short Duration Inflation Protected Fund)

. Class Id> C000000606 (Class A2)






. Series Id> S000000253 (INVESCO Government Money Market Fund)



. Class Id> C000000611 (Invesco Cash Reserve)



. Class Id> C000085152 (CLASS AX)

. Class Id> C000085154 (CLASS CX)







. Series Id> S000000255 (INVESCO Real Estate Fund)









. Series Id> S000000256 (INVESCO Short Term Bond Fund)








. Series Id> S000010736 (INVESCO Global Real Estate Fund)








. Series Id> S000027851 (INVESCO CORPORATE BOND FUND)

. Class Id> C000084553 (CLASS C)

. Class Id> C000084554 (CLASS Y)


. Class Id> C000084556 (CLASS A)




. Series Id> S000064666 (Invesco High Yield Bond Factor Fund)








. Series Id> S000064667 (Invesco Intermediate Bond Factor Fund)











. Series Id> S000064669 (Invesco U.S. Government Money Portfolio)

. Class Id> C000209395 (Invesco Cash Reserve)








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224563 FS 1INVESCOAIS SOX & N-CSRS

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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05686

AIM Investment Securities Funds (Invesco Investment Securities Funds)(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris11 Greenway Plaza, Suite 1000

Houston, Texas 77046(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 8/31/21

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224563 ITEM1 1INVESCOAIS SOX & N-CSRS


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ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is

as follows:

(b) Not Applicable.

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209435 EDG 1INVESCOCORPORATE BOND

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Semiannual Report to Shareholders August 31, 2021

Invesco Corporate Bond FundNasdaq:A: ACCBX ∎ C: ACCEX ∎ R: ACCZX ∎ Y: ACCHX ∎ R5: ACCWX ∎ R6: ICBFX

2 Fund Performance 4 Liquidity Risk Management Program 5 Schedule of Investments 23 Financial Statements 26 Financial Highlights 27 Notes to Financial Statements 36 Fund Expenses 37 Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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Fund Performance

Performance summary Fund vs. Indexes

Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does notinclude applicable contingent deferred sales charges (CDSC) or front-end sales charges, which wouldhave reduced performance.

Class A Shares 3.20% Class C Shares 2.80 Class R Shares 3.07 Class Y Shares 3.32 Class R5 Shares 3.35 Class R6 Shares 3.39 Bloomberg U.S. Credit Index (Broad Market/Style-Specific Index) 2.75 Lipper BBB Rated Funds Index◾ (Peer Group Index) 3.17 Source(s): RIMES Technologies Corp.; ◾Lipper Inc.

The Bloomberg U.S. Credit Index is an unmanaged index considered representative ofpublicly issued, SEC-registered US corporate and specified foreign debentures and securednotes.

The Lipper BBB Rated Funds Index is an unmanaged index considered representativeof BBB-rated funds tracked by Lipper.

The Fund is not managed to track the performance of any particular index, including theindex(es) described here, and consequently, the performance of the Fund may deviatesignificantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index resultsinclude reinvested dividends, and they do not reflect sales charges. Performance of the peergroup, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate yourFund; then click on its name to access its product detail page. There, you can learn more about yourFund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insightsabout market and economic news and trends.

2 Invesco Corporate Bond Fund

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Average Annual Total Returns As of 8/31/21, including maximum applicablesales charges

Class A Shares Inception (9/23/71) 7.05% 10 Years 5.27 5 Years 4.73 1 Year 1.88 Class C Shares Inception (8/30/93) 5.43% 10 Years 5.11 5 Years 4.85 1 Year 4.58 Class R Shares Inception (6/6/11) 5.37% 10 Years 5.48% 5 Years 5.38 1 Year 6.12 Class Y Shares Inception (8/12/05) 5.89% 10 Years 6.00 5 Years 5.90 1 Year 6.64 Class R5 Shares Inception (6/1/10) 6.42% 10 Years 6.13 5 Years 5.97 1 Year 6.70 Class R6 Shares 10 Years 6.14% 5 Years 6.07 1 Year 6.78

Effective June 1, 2010, Class A,Class C and Class I shares of thepredecessor fund, Van KampenCorporate Bond Fund, advised byVan Kampen Asset Managementwere reorganized into Class A,Class C and Class Y shares,respectively, of Invesco VanKampen Corporate Bond Fund(renamed Invesco Corporate BondFund). Returns shown above, priorto June 1, 2010, for Class A, Class Cand Class Y shares are those forClass A, Class C and Class I sharesof the predecessor fund. Shareclass returns will differ from thepredecessor fund because ofdifferent expenses. Class R6 shares incepted onSeptember 24, 2012. Performanceshown prior to that date is that ofthe Fund’s Class A shares at netasset value and includes the 12b-1fees applicable to Class A shares. The performance data quotedrepresent past performance andcannot guarantee future results;current performance may be loweror higher. Please visit invesco.com/performance for the most recentmonth-end performance.Performance figures reflectreinvested distributions, changes innet asset value and the effect of themaximum sales charge unlessotherwise stated. Performancefigures do not reflect deduction oftaxes a shareholder would pay onFund distributions or sale of Fundshares. Investment return andprincipal value will

fluctuate so that you may have a gainor loss when you sell shares. Class A share performancereflects the maximum 4.25% salescharge, and Class C shareperformance reflects the applicablecontingent deferred sales charge(CDSC) for the period involved. TheCDSC on Class C shares is 1% forthe first year after purchase. Class R,Class Y, Class R5 and Class R6shares do not have a front-end salescharge or a CDSC; therefore,performance is at net asset value. The performance of the Fund’sshare classes will differ primarily dueto different sales charge structuresand class expenses. Fund performance reflects anyapplicable fee waivers and/orexpense reimbursements. Had theadviser not waived fees and/orreimbursed expenses currently or inthe past, returns would have beenlower. See current prospectus formore information.

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Page 1 of 2 Liquidity Risk ManagementProgram

In compliance with Rule 22e-4 underthe Investment Company Act of1940, as amended (the “LiquidityRule”), the Fund has adopted andimplemented a liquidity riskmanagement program inaccordance with the Liquidity Rule(the “Program”). The Program isreasonably designed to assess andmanage the Fund’s liquidity risk,which is the risk that the Fund couldnot meet redemption requestswithout significant dilution ofremaining investors’ interests in theFund. The Board of Trustees of theFund (the “Board”) has appointedInvesco Advisers, Inc. (“Invesco”),the Fund’s investment adviser, asthe Program’s administrator, andInvesco has delegated oversight ofthe Program to the Liquidity RiskManagement Committee (the“Committee”), which is composed ofsenior representatives from relevantbusiness groups at Invesco.

As required by the Liquidity Rule,the Program includes policies andprocedures providing for anassessment, no less frequently thanannually, of the Fund’s liquidity riskthat takes into account, as relevantto the Fund’s liquidity risk: (1) theFund’s investment strategy andliquidity of portfolio investmentsduring both normal and reasonablyforeseeable stressed conditions;(2) short-term and long-term cashflow projections for the Fund duringboth normal and reasonablyforeseeable stressed conditions;and (3) the Fund’s holdings of cashand cash equivalents and anyborrowing arrangements. TheLiquidity Rule also requires theclassification of the Fund’sinvestments into categories thatreflect the assessment of theirrelative liquidity under currentmarket conditions. The Fundclassifies its investments into one offour categories defined in theLiquidity Rule: “Highly Liquid,”“Moderately Liquid,” “Less Liquid,”and “Illiquid.” Funds that are notinvested primarily in “Highly LiquidInvestments” that are assets (cashor investments that are reasonablyexpected to be convertible into cashwithin three business days withoutsignificantly changing the marketvalue of the investment) arerequired to establish a “Highly LiquidInvestment Minimum” (“HLIM”),which is the minimum percentage ofnet assets that must be invested inHighly Liquid Investments. Fundswith HLIMs have procedures foraddressing HLIM shortfalls,including reporting to the Board andthe SEC (on a non-public basis) asrequired by the Program and theLiquidity Rule. In addition, the Fundmay not acquire an investment if,immediately after the acquisition,over 15% of the Fund’s net assetswould consist of “Illiquid

without the sale or dispositionsignificantly changing the marketvalue of the investment). TheLiquidity Rule and the Program alsorequire reporting to the Board and theSEC (on a non-public basis) if aFund’s holdings of IlliquidInvestments exceed 15% of theFund’s assets.

At a meeting held on March 22-24,2021, the Committee presented areport to the Board that addressedthe operation of the Program andassessed the Program’s adequacyand effectiveness of implementation(the “Report”). The Report coveredthe period from January 1, 2020through December 31, 2020 (the“Program Reporting Period”). TheReport discussed notable eventsaffecting liquidity over the ProgramReporting Period, including theimpact of the coronavirus pandemicon the Fund and the overall market.The Report noted that there were nomaterial changes to the Programduring the Program Reporting Period.

The Report stated, in relevant part, thatduring the Program Reporting Period:∎ The Program, as adopted and

implemented, remained reasonablydesigned to assess and manage theFund’s liquidity risk and was operatedeffectively to achieve that goal;

∎ The Fund’s investment strategyremained appropriate for anopen-end fund;

∎ The Fund was able to meet requestsfor redemption without significantdilution of remaining investors’interests in the Fund;

∎ The Fund did not breach the 15%limit on Illiquid Investments; and

∎ The Fund primarily held Highly LiquidInvestments and therefore has notadopted an HLIM.





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Investments” that are assets (aninvestment that cannot reasonablybe expected to be sold or disposedof in current market conditions inseven calendar days or less

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.


Schedule of Investments(a)August 31, 2021(Unaudited)

PrincipalAmount Value

U.S. Dollar Denominated Bonds & Notes–84.86% Advertising–0.34% Interpublic Group of Cos., Inc.

(The), 4.75%, 03/30/2030 $ 4,693,000 $ 5,619,483

Lamar Media Corp.,3.75%, 02/15/2028 2,800,000 2,880,388

3.63%, 01/15/2031(b) 1,440,000 1,438,481

9,938,352

Aerospace & Defense–0.92% Boeing Co. (The),

2.75%, 02/01/2026(c) 3,866,000 4,042,625

2.20%, 02/04/2026(c) 5,389,000 5,411,126

5.15%, 05/01/2030 5,000,000 5,920,984

5.81%, 05/01/2050 8,027,000 10,919,958

TransDigm UK Holdings PLC,6.88%, 05/15/2026 301,000 317,555

TransDigm, Inc.,6.38%, 06/15/2026 141,000 146,577

26,758,825

Agricultural Products–0.31% Bunge Ltd. Finance Corp.,

2.75%, 05/14/2031 8,864,000 9,111,049

Airlines–2.13% Aeropuerto Internacional de

Tocumen S.A. (Panama),4.00%, 08/11/2041(b)(c) 1,302,000 1,328,151

5.13%, 08/11/2061(b)(c) 1,795,000 1,904,271

American Airlines Pass-ThroughTrust, Series 2016-3, Class A,

3.00%, 10/15/2028 3,525,885 3,560,858

Series 2017-2, Class AA,3.35%, 10/15/2029 276,419 282,320

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,5.50%, 04/20/2026(b) 1,236,000 1,304,289

5.75%, 04/20/2029(b) 753,000 814,159

British Airways Pass-ThroughTrust (United Kingdom),Series 2019-1, Class AA,3.30%, 12/15/2032(b) 3,665,708 3,777,561

Series 2021-1, Class A, 2.90%,03/15/2035(b) 2,004,000 2,034,179

Delta Air Lines Pass-ThroughTrust, Series 2019-1, Class A,3.40%, 04/25/2024 3,090,000 3,184,508

Series 2020-1, Class AA,2.00%, 06/10/2028 2,892,074 2,902,498

Delta Air Lines, Inc., 7.00%,05/01/2025(b) 832,000 973,747

7.38%, 01/15/2026(c) 425,000 500,631

Delta Air Lines, Inc./SkyMilesIP Ltd., 4.50%,10/20/2025(b) 3,864,000 4,145,885

4.75%, 10/20/2028(b) 11,517,000 12,849,675

Southwest Airlines Co.,5.25%, 05/04/2025 39,000 44,223


Airlines–(continued) United Airlines Pass-Through

Trust, Series 2014-2, Class B,4.63%, 09/03/2022 $ 1,191,909 $ 1,216,198

Series 2016-1, Class B, 3.65%,01/07/2026 1,858,414 1,861,439

Series 2020-1, Class A, 5.88%,10/15/2027 5,870,917 6,561,710

Series 2018-1, Class A, 3.70%,03/01/2030 297,727 307,428

Series 2018-1, Class AA,3.50%, 03/01/2030 3,862,493 4,039,843

Series 2019-1, Class A, 4.55%,08/25/2031 1,782,403 1,924,330

Series 2019-1, Class AA,4.15%, 08/25/2031 3,474,497 3,805,351

United Airlines, Inc.,4.38%, 04/15/2026(b) 1,211,000 1,258,689

4.63%, 04/15/2029(b) 1,090,000 1,132,265

61,714,208

Alternative Carriers–0.06% Level 3 Financing, Inc., 3.75%,

07/15/2029(b)(c) 1,285,000 1,254,481

Lumen Technologies, Inc., SeriesP, 7.60%, 09/15/2039(c) 459,000 510,135

1,764,616

Apparel Retail–0.12% Bath & Body Works, Inc., 6.75%,

07/01/2036 436,000 556,107

Ross Stores, Inc., 1.88%,04/15/2031 3,112,000 3,051,792

3,607,899

Application Software–0.38% salesforce.com, inc., 2.90%,

07/15/2051 6,709,000 6,904,924

3.05%, 07/15/2061 3,932,000 4,102,177

11,007,101

Asset Management & Custody Banks–0.93% Affiliated Managers Group, Inc.,

4.25%, 02/15/2024 4,172,000 4,534,137

Ameriprise Financial, Inc., 3.00%,04/02/2025 3,256,000 3,477,634

Apollo Management HoldingsL.P., 2.65%, 06/05/2030(b) 229,000 234,495

Ares Capital Corp., 2.88%,06/15/2028 4,263,000 4,350,010

CI Financial Corp. (Canada),3.20%, 12/17/2030(c) 4,667,000 4,853,989

Franklin Resources, Inc., 2.95%,08/12/2051 6,953,000 7,010,653

Owl Rock Capital Corp., 2.63%,01/15/2027 2,375,000 2,399,059

26,859,977

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Auto Parts & Equipment–0.39% Avis Budget Car Rental

LLC/Avis Budget Finance,Inc.,4.75%, 04/01/2028(b) $ 4,969,000 $ 5,132,927

5.38%, 03/01/2029(b)(c) 1,884,000 1,980,555

Clarios Global L.P./Clarios USFinance Co., 8.50%,05/15/2027(b) 178,000 190,238

Dana Financing LuxembourgS.a.r.l., 5.75%, 04/15/2025(b) 132,000 136,290

Dana, Inc., 5.38%, 11/15/2027 221,000 233,431

Nemak S.A.B. de C.V. (Mexico),3.63%, 06/28/2031(b) 3,204,000 3,224,314

NESCO Holdings II, Inc.,5.50%, 04/15/2029(b) 506,000 525,506

11,423,261

Automobile Manufacturers–1.13% Allison Transmission, Inc.,

3.75%, 01/30/2031(b) 1,046,000 1,046,152

Ford Motor Co., 8.50%,04/21/2023 522,000 577,789

9.00%, 04/22/2025 326,000 398,682

4.35%, 12/08/2026 400,000 431,438

9.63%, 04/22/2030 226,000 322,384

4.75%, 01/15/2043 345,000 372,609

Ford Motor Credit Co. LLC,5.60%, 01/07/2022 410,000 415,883

3.38%, 11/13/2025 1,599,000 1,656,964

4.39%, 01/08/2026 200,000 214,750

2.70%, 08/10/2026 2,367,000 2,392,919

5.11%, 05/03/2029 450,000 509,105

4.00%, 11/13/2030(c) 332,000 350,687

General Motors Financial Co.,Inc., Series B, 6.50%(d)(e) 200,000 227,500

Hyundai Capital America,

4.30%, 02/01/2024(b) 12,075,000 13,027,374

2.65%, 02/10/2025(b) 3,542,000 3,702,069

2.00%, 06/15/2028(b) 4,581,000 4,564,277

J.B. Poindexter & Co., Inc.,7.13%, 04/15/2026(b) 320,000 338,000

Volkswagen Group of AmericaFinance LLC (Germany),1.63%, 11/24/2027(b) 2,251,000 2,248,543

32,797,125

Automotive Retail–0.05% Advance Auto Parts, Inc.,

3.90%, 04/15/2030 85,000 94,754

Group 1 Automotive, Inc.,4.00%, 08/15/2028(b) 774,000 788,756

Lithia Motors, Inc., 3.88%,06/01/2029(b) 512,000 537,498

1,421,008

Biotechnology–0.23% AbbVie, Inc., 3.20%, 11/21/2029 350,000 382,829

4.88%, 11/14/2048 1,997,000 2,619,564 Amgen, Inc.,

2.00%, 01/15/2032 450,000 442,664

3.15%, 02/21/2040 3,037,000 3,211,062

6,656,119


Brewers–0.30% Anadolu Efes Biracilik ve Malt

Sanayii A.S. (Turkey), 3.38%,06/29/2028(b) $2,337,000 $2,412,719

Anheuser-Busch InBev Worldwide,Inc. (Belgium), 8.00%, 11/15/2039 2,307,000 3,820,500

4.35%, 06/01/2040 2,105,000 2,528,401

8,761,620

Broadcasting–0.02% Gray Television, Inc., 7.00%,

05/15/2027(b) 444,000 476,767 Building Products–0.11% Carrier Global Corp., 2.72%,

02/15/2030 155,000 162,686

North Queensland Export TerminalPty. Ltd. (Australia), 4.45%,12/15/2022(b) 804,000 772,195

Owens Corning, 4.30%, 07/15/2047 250,000 294,703

Standard Industries, Inc.,

5.00%, 02/15/2027(b) 255,000 263,925

3.38%, 01/15/2031(b) 1,639,000 1,581,889

3,075,398

Cable & Satellite–2.82% CCO Holdings LLC/CCO Holdings

Capital Corp., 5.75%, 02/15/2026(b) 634,000 652,227

5.00%, 02/01/2028(b) 187,000 196,135

4.75%, 03/01/2030(b) 607,000 643,013

4.50%, 08/15/2030(b) 676,000 707,218

4.25%, 02/01/2031(b) 1,141,000 1,172,417

4.50%, 05/01/2032 509,000 532,579

4.50%, 06/01/2033(b)(c) 1,952,000 2,025,756

4.25%, 01/15/2034(b) 217,000 219,296

Charter Communications OperatingLLC/ Charter CommunicationsOperating Capital Corp., 4.91%, 07/23/2025 4,780,000 5,411,471

5.38%, 04/01/2038 249,000 308,249

3.50%, 06/01/2041 3,605,000 3,651,904

5.75%, 04/01/2048 2,324,000 2,995,511

3.90%, 06/01/2052 3,929,000 4,066,605

6.83%, 10/23/2055 4,111,000 6,152,623

3.85%, 04/01/2061 4,767,000 4,757,722

4.40%, 12/01/2061 1,936,000 2,127,334

Comcast Corp., 3.45%, 02/01/2050(c) 3,978,000 4,380,017

2.80%, 01/15/2051 8,322,000 8,093,977

2.89%, 11/01/2051(b) 5,251,000 5,233,324

2.94%, 11/01/2056(b) 4,971,000 4,931,239

2.99%, 11/01/2063(b) 3,547,000 3,496,189

Cox Communications, Inc., 1.80%, 10/01/2030(b) 73,000 70,628

2.60%, 06/15/2031(b)(c) 3,067,000 3,142,700

3.60%, 06/15/2051(b) 7,855,000 8,328,982

CSC Holdings LLC,6.50%, 02/01/2029(b) 727,000 803,335

4.50%, 11/15/2031(b) 264,000 266,041

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Cable & Satellite–(continued) DISH DBS Corp., 7.75%,

07/01/2026 $ 130,000 $ 149,071

Sirius XM Radio, Inc., 3.13%, 09/01/2026(b) 540,000 550,908

4.00%, 07/15/2028(b) 412,000 421,414

4.13%, 07/01/2030(b)(c) 1,025,000 1,050,625

3.88%, 09/01/2031(b) 5,085,000 5,071,245

Virgin Media Secured FinancePLC (United Kingdom),5.50%, 05/15/2029(b) 200,000 214,500

81,824,255

Casinos & Gaming–0.35% DraftKings, Inc., Conv., 0.00%,

03/15/2028(b)(f) 5,450,000 5,248,059

Everi Holdings, Inc., 5.00%,07/15/2029(b) 521,000 533,895

International Game TechnologyPLC, 4.13%, 04/15/2026(b) 1,511,000 1,571,138

MGM Resorts International, 7.75%, 03/15/2022 301,000 311,535

6.00%, 03/15/2023 559,000 592,540

Mohegan Gaming &Entertainment, 8.00%,02/01/2026(b) 513,000 538,840

Scientific Games International,Inc., 8.25%, 03/15/2026(b) 707,000 752,868

Wynn Resorts FinanceLLC/Wynn Resorts CapitalCorp., 5.13%, 10/01/2029(b) 496,000 516,554

10,065,429

Commodity Chemicals–0.07% Axalta Coating Systems LLC,

3.38%, 02/15/2029(b) 2,011,000 1,973,485

Computer & Electronics Retail–0.76% Dell International LLC/EMC Corp.,

7.13%, 06/15/2024(b) 708,000 723,930

4.00%, 07/15/2024 2,921,000 3,171,818

6.02%, 06/15/2026 3,928,000 4,693,995

4.90%, 10/01/2026 1,719,000 1,990,523

8.35%, 07/15/2046 4,105,000 6,748,320

Leidos, Inc., 2.30%,02/15/2031 4,698,000 4,637,255

21,965,841

Construction & Engineering–0.04% AECOM, 5.13%, 03/15/2027 133,000 148,746

Great Lakes Dredge & DockCorp., 5.25%, 06/01/2029(b) 520,000 537,550

New Enterprise Stone & LimeCo., Inc., 6.25%, 03/15/2026(b) 239,000 245,871

9.75%, 07/15/2028(b) 197,000 218,638

1,150,805

Construction Machinery & Heavy Trucks–0.01% Wabtec Corp., 4.95%,

09/15/2028 209,000 243,511

Construction Materials–0.12% CRH America Finance, Inc.

(Ireland), 3.95%,04/04/2028(b) 3,123,000 3,547,020


Consumer Finance–0.70% Ally Financial, Inc.,

5.13%, 09/30/2024 $ 434,000 $ 487,232

4.63%, 03/30/2025 1,303,000 1,455,229

Series C, 4.70%(d)(e) 3,987,000 4,161,431

American Express Co., Series C,3.40% (3 mo. USD LIBOR +3.29%)(e)(g) 2,973,000 2,973,037

Navient Corp., 7.25%, 09/25/2023(c) 1,040,000 1,143,873

5.00%, 03/15/2027 486,000 511,017

5.63%, 08/01/2033 221,000 214,391

OneMain Finance Corp., 6.88%, 03/15/2025 300,000 340,125

7.13%, 03/15/2026 735,000 859,950

3.88%, 09/15/2028 3,554,000 3,572,925

5.38%, 11/15/2029 519,000 567,726

Synchrony Financial, 4.50%,07/23/2025 3,695,000 4,113,260

20,400,196

Copper–0.18% Freeport-McMoRan, Inc.,

5.00%, 09/01/2027 2,752,000 2,899,920

4.38%, 08/01/2028(c) 1,235,000 1,310,644

5.40%, 11/14/2034 826,000 1,036,878

5,247,442

Data Processing & Outsourced Services–0.60% Clarivate Science Holdings Corp.,

3.88%, 07/01/2028(b) 3,254,000 3,315,728

4.88%, 07/01/2029(b) 1,389,000 1,434,448

Fidelity National InformationServices, Inc., 2.25%,03/01/2031 530,000 535,293

Fiserv, Inc., 4.20%,10/01/2028(c) 2,218,000 2,544,778

PayPal Holdings, Inc., 2.85%,10/01/2029 2,326,000 2,510,069

Square, Inc., 2.75%, 06/01/2026(b) 1,577,000 1,624,657

3.50%, 06/01/2031(b)(c) 3,167,000 3,297,940

StoneCo Ltd. (Brazil), 3.95%,06/16/2028(b) 2,307,000 2,228,966

17,491,879

Department Stores–0.05% Macy’s Retail Holdings LLC,

5.88%, 04/01/2029(b)(c) 1,089,000 1,191,203

4.50%, 12/15/2034 275,000 269,500

1,460,703

Distributors–0.09% Genuine Parts Co., 1.88%,

11/01/2030 2,795,000 2,730,619

Diversified Banks–9.99% Africa Finance Corp.

(Supranational), 4.38%,04/17/2026(b) 7,620,000 8,366,531

African Export-Import Bank(The) (Supranational), 2.63%, 05/17/2026(b) 1,433,000 1,470,930

3.80%, 05/17/2031(b) 1,858,000 1,942,494

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Diversified Banks–(continued) Australia & New Zealand

Banking Group Ltd.(Australia), 6.75%(b)(d)(e) $ 3,647,000 $ 4,280,393

Banco Santander S.A.(Spain), 2.75%, 12/03/2030 3,000,000 3,018,340

Bank of America Corp., 3.86%, 07/23/2024(d) 8,064,000 8,551,408

2.69%, 04/22/2032(d) 6,552,000 6,813,922

2.30%, 07/21/2032(d) 3,217,000 3,238,086

7.75%, 05/14/2038 2,623,000 4,162,191

2.68%, 06/19/2041(d) 14,102,000 13,906,881

2.97%, 07/21/2052(d) 5,222,000 5,282,421

Series AA, 6.10%(d)(e) 5,955,000 6,694,283

Series DD, 6.30%(d)(e) 1,885,000 2,200,078

Bank of China Ltd. (China),5.00%, 11/13/2024(b) 2,850,000 3,176,130

BBVA Bancomer S.A.(Mexico), 4.38%,04/10/2024(b)(c) 1,666,000 1,807,194

BNP Paribas S.A. (France),4.38%, 03/01/2033(b)(d) 250,000 277,794

BPCE S.A. (France), 2.28%,01/20/2032(b)(d) 3,204,000 3,163,275

Citigroup, Inc.,3.50%, 05/15/2023 3,677,000 3,862,087

5.50%, 09/13/2025 4,154,000 4,829,644

3.11%, 04/08/2026(d) 3,709,000 3,967,857

3.98%, 03/20/2030(d) 3,695,000 4,199,768

4.41%, 03/31/2031(d) 3,019,000 3,540,629

2.57%, 06/03/2031(d) 266,000 274,827

2.56%, 05/01/2032(d) 4,236,000 4,359,241

4.65%, 07/23/2048 1,832,000 2,436,262

3.88%(d)(e) 6,892,000 7,107,375

Series A, 5.95%(d)(e) 1,192,000 1,255,623

Series V, 4.70%(d)(e) 2,340,000 2,446,178

Citizens Bank N.A., 2.25%,04/28/2025 2,836,000 2,968,921

Commonwealth Bank ofAustralia (Australia),2.69%, 03/11/2031(b) 3,057,000 3,092,382

Credit Agricole S.A. (France),1.91%, 06/16/2026(b)(d) 1,828,000 1,871,510

7.88%(b)(d)(e) 2,555,000 2,877,086

8.13%(b)(d)(e) 416,000 507,260

Federation des CaissesDesjardins du Quebec(Canada), 2.05%,02/10/2025(b) 5,091,000 5,274,142

Global Bank Corp. (Panama),4.50%, 10/20/2021(b) 6,573,000 6,604,974

HSBC Holdings PLC (UnitedKingdom), 1.65%, 04/18/2026(d) 1,970,000 1,995,121

2.01%, 09/22/2028(d) 5,893,000 5,951,268

2.21%, 08/17/2029(d) 5,266,000 5,313,431

2.36%, 08/18/2031(d) 201,000 202,015

2.80%, 05/24/2032(d) 1,976,000 2,041,550

4.60%(d)(e) 3,181,000 3,264,501

6.00%(d)(e) 4,347,000 4,792,568

ING Groep N.V.(Netherlands), 6.88%(b)(d)(e) 1,670,000 1,725,786


Diversified Banks–(continued) JPMorgan Chase & Co.,

1.03% (3 mo. USD LIBOR +0.89%), 07/23/2024(c)(g) $5,200,000 $ 5,272,839

2.08%, 04/22/2026(d) 5,016,000 5,181,663

3.63%, 12/01/2027 2,542,000 2,798,777

3.70%, 05/06/2030(d) 3,695,000 4,139,906

2.58%, 04/22/2032(d) 4,399,000 4,541,611

4.26%, 02/22/2048(d) 1,788,000 2,207,466

Series W, 1.12% (3 mo. USDLIBOR + 1.00%),05/15/2047(g) 5,770,000 5,008,361

Series V, 3.46% (3 mo. USDLIBOR + 3.32%)(e)(g) 1,853,000 1,856,953

Mitsubishi UFJ Financial Group,Inc. (Japan), 2.05%, 07/17/2030 4,798,000 4,803,693

Mizuho Financial Group, Inc.(Japan), 2.20%, 07/10/2031(d) 6,278,000 6,284,206

2.17%, 05/22/2032(d) 5,786,000 5,770,517

National Australia Bank Ltd.(Australia), 2.33%, 08/21/2030(b) 256,000 250,970

2.99%, 05/21/2031(b) 2,367,000 2,433,747

Natwest Group PLC (UnitedKingdom), 3.50%, 05/15/2023(d) 4,970,000 5,076,019

6.00%(d)(e) 515,000 577,907

Nordea Bank Abp (Finland),3.75%(b)(d)(e) 1,221,000 1,218,802

Standard Chartered PLC (UnitedKingdom),

1.33% (3 mo. USD LIBOR +1.20%), 09/10/2022(b)(g) 3,395,000 3,395,781

2.68%, 06/29/2032(b)(d) 4,215,000 4,280,337

3.27%, 02/18/2036(b)(d) 4,923,000 4,951,387

4.30%(b)(d)(e) 5,262,000 5,255,159

7.75%(b)(d)(e) 4,646,000 5,043,187

Sumitomo Mitsui FinancialGroup, Inc. (Japan), 1.47%, 07/08/2025 2,924,000 2,967,463

3.04%, 07/16/2029 4,343,000 4,674,024

2.14%, 09/23/2030 7,101,000 6,972,853

UniCredit S.p.A. (Italy), 1.98%, 06/03/2027(b)(d) 3,540,000 3,544,796

3.13%, 06/03/2032(b)(d) 2,828,000 2,884,578

Wells Fargo & Co., 2.19%, 04/30/2026(d) 1,489,000 1,547,039

4.15%, 01/24/2029 3,695,000 4,258,063

3.07%, 04/30/2041(d) 2,118,000 2,222,305

5.38%, 11/02/2043 7,268,000 9,809,754

4.75%, 12/07/2046 1,890,000 2,411,420

Series BB, 3.90%(d)(e) 3,059,000 3,182,140

Westpac Banking Corp.(Australia), 2.67%,11/15/2035(d) 101,000 100,263

290,038,343

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Diversified Capital Markets–1.55% Credit Suisse Group AG

(Switzerland), 4.19%, 04/01/2031(b)(d) $ 2,792,000 $ 3,166,062

4.50%(b)(c)(d)(e) 4,764,000 4,734,225

5.10%(b)(c)(d)(e) 4,230,000 4,362,822

5.25%(b)(d)(e) 4,357,000 4,577,029

7.13%(b)(d)(e) 3,667,000 3,794,428

7.25%(b)(d)(e) 330,000 370,475

7.50%(b)(d)(e) 5,779,000 6,244,209

7.50%(b)(d)(e) 920,000 994,060

Macquarie Bank Ltd.(Australia), 6.13%(b)(d)(e) 5,010,000 5,540,885

UBS Group AG (Switzerland), 3.13%, 08/13/2030(b)(d) 7,551,000 8,167,451

4.38%(b)(c)(d)(e) 2,932,000 3,008,965

44,960,611

Diversified Metals & Mining–0.73% Corp. Nacional del Cobre de

Chile (Chile), 3.15%,01/15/2051(b) 1,955,000 1,910,566

FMG Resources August2006 Pty. Ltd. (Australia),4.38%, 04/01/2031(b) 2,932,000 3,163,687

Teck Resources Ltd. (Canada), 6.13%, 10/01/2035(c) 5,373,000 6,940,803

6.25%, 07/15/2041(c) 6,930,000 9,240,836

21,255,892

Diversified REITs–0.85% iStar, Inc.,

4.75%, 10/01/2024(c) 560,000 595,028

5.50%, 02/15/2026 191,000 200,311

Trust Fibra Uno (Mexico), 5.25%, 12/15/2024(b)(c) 4,124,000 4,551,865

5.25%, 01/30/2026(b) 3,705,000 4,155,899

4.87%, 01/15/2030(b) 3,446,000 3,795,269

6.39%, 01/15/2050(b)(c) 9,390,000 11,424,109

24,722,481

Drug Retail–0.12% CK Hutchison International

21 Ltd. (United Kingdom),2.50%, 04/15/2031(b) 270,000 278,094

CVS Pass-Through Trust, 6.04%, 12/10/2028 1,106,427 1,297,447

5.77%, 01/10/2033(b) 1,627,525 1,935,527

3,511,068

Electric Utilities–2.33% Commonwealth Edison Co.,

Series 127, 3.20%,11/15/2049 3,963,000 4,270,519

Drax Finco PLC (UnitedKingdom), 6.63%,11/01/2025(b) 3,016,000 3,117,790

Duke Energy Progress LLC,2.50%, 08/15/2050(c) 9,667,000 9,092,517

Electricite de France S.A.(France), 6.00%,01/22/2114(b) 6,655,000 9,749,973

Enel Finance InternationalN.V. (Italy), 2.88%,07/12/2041(b) 3,969,000 3,896,118

Eversource Energy, SeriesR, 1.65%, 08/15/2030 88,000 85,083

PacifiCorp, 2.90%,06/15/2052 5,221,000 5,221,817


Electric Utilities–(continued) Southern Co. (The),

Series B, 4.00%,01/15/2051(d) $14,349,000 $ 15,244,378

5.50%, 03/15/2057(d) 11,081,000 11,263,546

Series 21-A, 3.75%,09/15/2051(d) 2,431,000 2,492,018

Talen Energy Supply LLC,7.63%, 06/01/2028(b)(c) 746,000 646,499

Vistra Operations Co. LLC, 5.63%, 02/15/2027(b) 180,000 187,661

5.00%, 07/31/2027(b) 324,000 336,587

4.38%, 05/01/2029(b) 1,976,000 2,008,110

67,612,616

Electrical Components & Equipment–0.22% Acuity Brands Lighting, Inc.,

2.15%, 12/15/2030 4,864,000 4,828,947

AES Andres B.V. (DominicanRepublic), 5.70%,05/04/2028(b) 991,000 1,021,984

EnerSys, 5.00%, 04/30/2023(b) 476,000 496,506

4.38%, 12/15/2027(b) 107,000 112,616

Rockwell Automation, Inc.,1.75%, 08/15/2031 48,000 47,640

6,507,693

Electronic Components–1.16% Corning, Inc., 5.45%,

11/15/2079 23,672,000 33,669,942

Electronic Equipment & Instruments–0.24% Vontier Corp.,

2.40%, 04/01/2028(b) 3,757,000 3,765,228

2.95%, 04/01/2031(b) 3,030,000 3,064,057

6,829,285

Electronic Manufacturing Services–0.26% Jabil, Inc., 3.00%, 01/15/2031 7,348,000 7,574,669

Environmental & Facilities Services–0.11% GFL Environmental, Inc.

(Canada), 3.50%,09/01/2028(b) 3,224,000 3,221,260

Fertilizers & Agricultural Chemicals–0.10% Nutrien Ltd. (Canada), 2.95%,

05/13/2030 125,000 133,443

OCI N.V. (Netherlands), 4.63%,10/15/2025(b)(c) 938,000 983,259

OCP S.A. (Morocco), 5.13%,06/23/2051(b) 1,758,000 1,780,648

2,897,350

Financial Exchanges & Data–0.59% Intercontinental Exchange,

Inc., 1.85%, 09/15/2032 170,000 164,203

Moody’s Corp., 2.00%, 08/19/2031 3,560,000 3,537,287

2.75%, 08/19/2041 3,929,000 3,902,041

5.25%, 07/15/2044 1,539,000 2,113,288

MSCI, Inc., 3.88%, 02/15/2031(b)(c) 1,983,000 2,119,331

3.63%, 11/01/2031(b) 1,992,000 2,117,705

3.25%, 08/15/2033(b) 847,000 874,866

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Financial Exchanges & Data–(continued) S&P Global, Inc., 1.25%,

08/15/2030(c) $ 2,474,000 $ 2,357,217

17,185,938

Food Distributors–0.16% American Builders &

Contractors Supply Co.,Inc., 4.00%, 01/15/2028(b) 512,000 529,485

3.88%, 11/15/2029(b) 3,991,000 3,971,125

4,500,610

Food Retail–0.49% Albertson’s Cos.,

Inc./Safeway, Inc./NewAlbertson’sL.P./Albertson’s LLC,3.50%, 02/15/2023(b)(c) 2,934,000 3,022,578

Alimentation Couche-Tard,Inc. (Canada), 3.44%, 05/13/2041(b) 3,846,000 4,049,196

3.63%, 05/13/2051(b) 4,466,000 4,774,184

PetSmart, Inc./PetSmartFinance Corp., 4.75%,02/15/2028(b) 1,045,000 1,089,413

SEG Holding LLC/SEGFinance Corp., 5.63%,10/15/2028(b)(c) 499,000 524,581

Simmons Foods,Inc./Simmons PreparedFoods, Inc./Simmons PetFood, Inc., 4.63%,03/01/2029(b) 776,000 790,666

14,250,618

Health Care Distributors–0.15% McKesson Corp., 1.30%,

08/15/2026 3,055,000 3,051,414

Owens & Minor, Inc.,4.50%, 03/31/2029(b)(c) 1,411,000 1,444,476

4,495,890

Health Care Equipment–0.01% Becton, Dickinson and Co.,

2.82%, 05/20/2030 188,000 199,226

Health Care Facilities–0.42% Encompass Health Corp.,

4.50%, 02/01/2028(c) 506,000 530,668

HCA, Inc., 5.00%, 03/15/2024 8,501,000 9,353,180

5.38%, 02/01/2025 242,000 273,009

5.25%, 04/15/2025 151,000 172,430

5.88%, 02/15/2026 166,000 192,734

5.38%, 09/01/2026 111,000 128,183

5.88%, 02/01/2029 216,000 262,188

3.50%, 09/01/2030 1,234,000 1,326,112

12,238,504

Health Care REITs–0.60% CTR Partnership L.P./

CareTrust Capital Corp.,3.88%, 06/30/2028(b) 531,000 546,338

Diversified Healthcare Trust, 9.75%, 06/15/2025 482,000 530,802

4.38%, 03/01/2031(c) 1,785,000 1,753,807

Healthcare Trust of AmericaHoldings L.P., 2.00%,03/15/2031 2,589,000 2,516,693


Health Care REITs–(continued) Healthpeak Properties, Inc.,

2.88%, 01/15/2031 $1,917,000 $ 2,028,156

MPT Operating PartnershipL.P./MPT Finance Corp.,4.63%, 08/01/2029 2,064,000 2,209,342

Omega Healthcare Investors,Inc., 3.38%, 02/01/2031 230,000 237,453

3.25%, 04/15/2033 5,015,000 5,065,294

Welltower, Inc., 3.10%,01/15/2030 2,496,000 2,666,252

17,554,137

Health Care Services–0.91% Akumin, Inc., 7.00%,

11/01/2025(b)(c) 1,191,000 1,126,031

Cigna Corp., 7.88%, 05/15/2027 5,000,000 6,672,913

4.38%, 10/15/2028 1,790,000 2,090,406

4.80%, 08/15/2038 5,078,000 6,361,785

CVS Health Corp., 1.30%,08/21/2027(c) 3,781,000 3,750,935

DaVita, Inc., 4.63%, 06/01/2030(b) 216,000 226,024

3.75%, 02/15/2031(b) 862,000 852,949

Fresenius Medical Care USFinance III, Inc. (Germany),1.88%, 12/01/2026(b) 3,082,000 3,112,737

Global Medical Response, Inc.,6.50%, 10/01/2025(b) 760,000 784,700

Hadrian Merger Sub, Inc., 8.50%,05/01/2026(b) 257,000 267,532

MEDNAX, Inc., 6.25%,01/15/2027(b) 495,000 522,225

RP Escrow Issuer LLC, 5.25%,12/15/2025(b) 500,000 512,344

26,280,581

Home Improvement Retail–0.30% Lowe’s Cos., Inc.,

2.63%, 04/01/2031 3,792,000 3,957,457

3.50%, 04/01/2051 4,351,000 4,745,186

8,702,643

Homebuilding–0.90% Ashton Woods USA LLC/Ashton

Woods Finance Co., 9.88%,04/01/2027(b) 444,000 492,640

Lennar Corp., 5.38%, 10/01/2022 324,000 341,251

4.75%, 11/15/2022 172,000 178,665

4.75%, 11/29/2027(c) 2,406,000 2,803,159

M.D.C. Holdings, Inc., 3.85%, 01/15/2030 7,253,000 7,843,068

6.00%, 01/15/2043(c) 4,148,000 5,350,631

3.97%, 08/06/2061 6,414,000 6,330,009

Mattamy Group Corp. (Canada),4.63%, 03/01/2030(b) 1,424,000 1,461,558

PulteGroup, Inc., 6.38%, 05/15/2033 15,000 20,120

6.00%, 02/15/2035 395,000 522,322

Taylor Morrison Communities,Inc., 6.63%, 07/15/2027(b) 673,000 718,428

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Homebuilding–(continued) Taylor Morrison Communities,

Inc./Taylor MorrisonHoldings II, Inc., 5.88%,04/15/2023(b) $ 57,000 $ 60,126

26,121,977

Hotel & Resort REITs–0.05% Service Properties Trust,

4.95%, 02/15/2027(c) 1,334,000 1,336,094

Hotels, Resorts & Cruise Lines–0.37% Carnival Corp.,

11.50%, 04/01/2023(b) 292,000 328,407 10.50%, 02/01/2026(b) 150,000 173,253 5.75%, 03/01/2027(b) 295,000 301,981

Expedia Group, Inc.,3.60%, 12/15/2023 2,632,000 2,793,982 4.63%, 08/01/2027 4,206,000 4,759,651 2.95%, 03/15/2031 387,000 394,115

Hilton Domestic OperatingCo., Inc., 3.63%,02/15/2032(b) 1,980,000 1,967,912

10,719,301

Household Products–0.02% Energizer Holdings, Inc.,

4.38%, 03/31/2029(b)(c) 519,000 521,138

Hypermarkets & Super Centers–0.29% Walmart, Inc., 6.50%,

08/15/2037 5,500,000 8,397,942

Independent Power Producers & Energy Traders–0.66% AES Corp. (The), 1.38%,

01/15/2026 2,872,000 2,857,625 2.45%, 01/15/2031 5,089,000 5,141,608

Calpine Corp., 3.75%,03/01/2031(b) 4,464,000 4,384,005

Clearway Energy OperatingLLC, 4.75%, 03/15/2028(b) 589,000 624,311 3.75%, 02/15/2031(b) 443,000 450,748

EnfraGen Energia SurS.A./EnfraGen SpainS.A./Prime Energia S.p.A.(Spain), 5.38%,12/30/2030(b) 5,671,000 5,638,902

19,097,199

Industrial Conglomerates–0.51% GE Capital International

Funding Co. Unlimited Co.,4.42%, 11/15/2035 4,111,000 4,996,197

General Electric Co., 5.55%,01/05/2026 8,426,000 9,950,224

14,946,421

Industrial Machinery–0.23% Cleaver-Brooks, Inc., 7.88%,

03/01/2023(b) 124,000 122,444 EnPro Industries, Inc., 5.75%,

10/15/2026 489,000 514,186 IDEX Corp., 2.63%,

06/15/2031 2,885,000 2,975,691 Mueller Water Products, Inc.,

4.00%, 06/15/2029(b) 518,000 539,922 Weir Group PLC (The) (United

Kingdom), 2.20%,05/13/2026(b) 2,501,000 2,530,374

6,682,617


Industrial REITs–0.09% Lexington Realty Trust, 2.38%,

10/01/2031 $ 2,608,000 $ 2,588,169

Insurance Brokers–0.09% Arthur J. Gallagher & Co.,

3.50%, 05/20/2051 2,506,000 2,719,916

Integrated Oil & Gas–1.41% BP Capital Markets America,

Inc., 3.06%, 06/17/2041 5,222,000 5,375,559 2.77%, 11/10/2050 5,985,000 5,698,098 2.94%, 06/04/2051 5,365,000 5,266,655

BP Capital Markets PLC(United Kingdom), 4.38%(d)(e) 2,512,000 2,681,560

Gray Oak Pipeline LLC, 2.60%,10/15/2025(b) 3,104,000 3,198,512

Occidental Petroleum Corp.,5.55%, 03/15/2026 322,000 359,433 8.50%, 07/15/2027 87,000 109,886 6.13%, 01/01/2031(c) 305,000 369,232 6.20%, 03/15/2040 233,000 278,201 4.10%, 02/15/2047 315,000 308,421

Petrobras Global Finance B.V.(Brazil), 5.50%, 06/10/2051 1,670,000 1,670,768

Petroleos Mexicanos (Mexico),6.88%, 08/04/2026 110,000 120,278

Qatar Petroleum (Qatar),2.25%, 07/12/2031(b) 2,316,000 2,338,713 3.13%, 07/12/2041(b) 2,245,000 2,316,054 3.30%, 07/12/2051(b) 3,664,000 3,792,423

SA Global Sukuk Ltd. (SaudiArabia), 1.60%, 06/17/2026(b) 1,803,000 1,808,308 2.69%, 06/17/2031(b) 2,311,000 2,368,355

Saudi Arabian Oil Co. (SaudiArabia), 4.38%, 04/16/2049(b) 2,407,000 2,820,739

40,881,195

Integrated Telecommunication Services–2.55% Altice France S.A. (France),

7.38%, 05/01/2026(b) 381,000 395,943 8.13%, 02/01/2027(b) 472,000 513,300 5.13%, 07/15/2029(b) 253,000 256,104

AT&T, Inc., 1.30% (3 mo. USDLIBOR + 1.18%),06/12/2024(g) 2,832,000 2,907,185 2.55%, 12/01/2033(b) 200,000 201,180 3.10%, 02/01/2043 4,885,000 4,845,784 3.50%, 09/15/2053(b) 9,416,000 9,691,123 3.55%, 09/15/2055(b) 12,029,000 12,333,405 3.65%, 09/15/2059(b) 242,000 249,480 3.50%, 02/01/2061 3,133,000 3,118,504

NBN Co. Ltd. (Australia), 2.63%,05/05/2031(b) 5,039,000 5,199,330

Telefonica Emisiones S.A.(Spain), 7.05%, 06/20/2036 2,648,000 3,845,973

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Integrated Telecommunication Services–(continued) Verizon Communications, Inc.,

0.85%, 11/20/2025(c) $ 4,258,000 $ 4,228,353 1.75%, 01/20/2031 3,558,000 3,449,177 2.55%, 03/21/2031 2,216,000 2,290,790 4.81%, 03/15/2039 2,095,000 2,661,378 2.65%, 11/20/2040 2,357,000 2,288,622 3.40%, 03/22/2041 2,247,000 2,411,492 2.88%, 11/20/2050 3,580,000 3,452,354 3.00%, 11/20/2060 6,445,000 6,213,833 3.70%, 03/22/2061 3,146,000 3,466,756

74,020,066

Interactive Home Entertainment–0.44% Electronic Arts, Inc.,

1.85%, 02/15/2031 5,057,000 4,968,103 2.95%, 02/15/2051 4,786,000 4,762,056

WMG Acquisition Corp., 3.00%,02/15/2031(b) 2,963,000 2,922,658

12,652,817

Interactive Media & Services–1.00% Alphabet, Inc., 1.90%,

08/15/2040 2,432,000 2,259,617 2.25%, 08/15/2060 4,245,000 3,864,714

Audacy Capital Corp., 6.75%,03/31/2029(b)(c) 501,000 506,271

Baidu, Inc. (China), 3.08%,04/07/2025(c) 1,175,000 1,245,353 1.72%, 04/09/2026 1,255,000 1,271,955

Match Group Holdings II LLC,5.63%, 02/15/2029(b) 4,618,000 4,993,212

Scripps Escrow II, Inc., 3.88%,01/15/2029(b) 515,000 518,363

Tencent Holdings Ltd. (China),1.81%, 01/26/2026(b) 1,509,000 1,528,249 3.60%, 01/19/2028(b) 4,305,000 4,665,051 3.93%, 01/19/2038(b)(c) 3,137,000 3,401,994

Twitter, Inc., 3.88%,12/15/2027(b)(c) 4,527,000 4,893,347

29,148,126

Internet & Direct Marketing Retail–1.38% Alibaba Group Holding Ltd.

(China), 3.15%, 02/09/2051(c) 3,700,000 3,647,995 Amazon.com, Inc.,

2.10%, 05/12/2031 8,742,000 8,971,027 2.88%, 05/12/2041 6,789,000 7,126,659 3.10%, 05/12/2051(c) 7,738,000 8,345,627 3.25%, 05/12/2061 6,706,000 7,330,552

Meituan (China), 2.13%,10/28/2025(b)(c) 3,055,000 2,984,908

QVC, Inc., 5.45%, 08/15/2034 1,449,000 1,550,430

39,957,198

Internet Services & Infrastructure–0.57% Twilio, Inc.,

3.63%, 03/15/2029(c) 2,928,000 3,025,942 3.88%, 03/15/2031 3,079,000 3,221,819

VeriSign, Inc., 2.70%,06/15/2031(c) 2,765,000 2,847,826


Internet Services & Infrastructure–(continued) ZoomInfo Technologies LLC/

ZoomInfo Finance Corp.,3.88%, 02/01/2029(b) $ 7,289,000 $ 7,354,601

16,450,188

Investment Banking & Brokerage–3.37% Brookfield Finance I (UK) PLC

(Canada), 2.34%, 01/30/2032 4,131,000 4,133,666 Brookfield Finance, Inc.

(Canada), 2.72%, 04/15/2031 3,158,000 3,287,082 3.50%, 03/30/2051 3,451,000 3,652,713

Cantor Fitzgerald L.P., 6.50%,06/17/2022(b) 2,962,000 3,095,667

Charles Schwab Corp. (The),1.95%, 12/01/2031 5,257,000 5,264,943 Series E, 4.63%(d)(e) 4,214,000 4,277,210 Series G, 5.38%(d)(e) 231,000 257,288

Goldman Sachs Group, Inc.(The), 0.63% (SOFR + 0.58%), 03/08/2024(g) 6,793,000 6,814,260 3.50%, 04/01/2025 3,198,000 3,464,113 0.84% (SOFR + 0.79%),

12/09/2026(g) 6,834,000 6,846,473 1.09%, 12/09/2026(d) 3,467,000 3,441,618 0.86% (SOFR + 0.81%),

03/09/2027(g) 9,583,000 9,590,129 1.99%, 01/27/2032(d) 3,332,000 3,267,721 2.38%, 07/21/2032(d) 3,215,000 3,251,699 6.75%, 10/01/2037 4,343,000 6,335,997 2.91%, 07/21/2042(d) 2,551,000 2,579,431 4.80%, 07/08/2044 3,955,000 5,155,009 Series T, 3.80%(d)(e) 146,000 149,358

Jefferies Group LLC/JefferiesGroup

Capital Finance, Inc., 4.15%,01/23/2030 3,579,000 4,060,683

Morgan Stanley,2.19%, 04/28/2026(d) 2,569,000 2,670,714 4.35%, 09/08/2026 350,000 397,890 3.62%, 04/01/2031(d) 3,069,000 3,440,970 2.24%, 07/21/2032(d) 5,308,000 5,324,357 2.80%, 01/25/2052(d) 2,017,000 2,012,608

NFP Corp., 4.88%, 08/15/2028(b) 202,000 205,788 Nomura Holdings, Inc. (Japan),

2.61%, 07/14/2031 2,496,000 2,523,475 Raymond James Financial, Inc.,

3.75%, 04/01/2051 2,170,000 2,460,652

97,961,514

IT Consulting & Other Services–0.04% Gartner, Inc.,

4.50%, 07/01/2028(b) 740,000 784,400 3.63%, 06/15/2029(b) 253,000 260,792

1,045,192

Leisure Facilities–0.01% Cedar Fair L.P./Canada’s

Wonderland Co./MagnumManagement Corp., 5.38%,06/01/2024 247,000 249,161

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Life & Health Insurance–2.48% American Equity Investment

Life Holding Co.,5.00%, 06/15/2027(c) $ 6,278,000 $ 7,176,675

Athene Global Funding,1.20%, 10/13/2023(b) 4,890,000 4,955,037 2.50%, 01/14/2025(b) 3,179,000 3,328,631 1.45%, 01/08/2026(b) 2,467,000 2,487,527

Athene Holding Ltd.,4.13%, 01/12/2028(c) 6,615,000 7,436,489 6.15%, 04/03/2030 3,425,000 4,371,733 3.95%, 05/25/2051 782,000 885,066

Brighthouse Financial, Inc.,4.70%, 06/22/2047 2,566,000 2,913,622

Delaware Life Global Funding,Series 21-1, 2.66%06/29/2026(b) 13,992,000 14,335,784

MAG Mutual Insurance Co.,4.75%, 04/30/2041 11,777,000 11,777,000

MetLife, Inc., 4.13%,08/13/2042 2,218,000 2,689,488 Series D, 5.88%(c)(d)(e) 300,000 351,208

Nationwide Financial Services,Inc., 3.90%, 11/30/2049(b) 3,113,000 3,592,058

Pacific LifeCorp, 3.35%,09/15/2050(b)(c) 3,314,000 3,611,795

Prudential Financial, Inc.,3.91%, 12/07/2047 1,849,000 2,196,157

72,108,270

Life Sciences Tools & Services–0.09% Illumina, Inc., 2.55%,

03/23/2031 2,504,000 2,570,123

Managed Health Care–0.50% Centene Corp.,

4.63%, 12/15/2029 526,000 577,622 3.38%, 02/15/2030 320,000 334,800 3.00%, 10/15/2030 501,000 519,898 2.50%, 03/01/2031(c) 6,080,000 6,071,914

Kaiser Foundation Hospitals,Series 2021,2.81%, 06/01/2041 3,275,000 3,385,693 3.00%, 06/01/2051 3,415,000 3,586,588

14,476,515

Metal & Glass Containers–0.12% Ardagh Metal Packaging

Finance USA LLC/ArdaghMetal Packaging FinancePLC,3.25%, 09/01/2028(b) 600,000 605,250

Ardagh Packaging FinancePLC/Ardagh Holdings USA,Inc., 5.25%, 04/30/2025(b) 489,000 512,227

Ball Corp., 5.25%, 07/01/2025(c) 359,000 406,119 Silgan Holdings, Inc.,

1.40%, 04/01/2026(b) 1,967,000 1,939,236

3,462,832

Movies & Entertainment–0.19% Netflix, Inc.,

5.88%, 11/15/2028 1,017,000 1,262,387 5.38%, 11/15/2029(b) 252,000 310,254


Movies & Entertainment–(continued) Tencent Music Entertainment

Group (China),1.38%, 09/03/2025 $ 1,560,000 $ 1,545,712 2.00%, 09/03/2030 2,480,000 2,386,374

5,504,727

Multi-line Insurance–0.47% American International Group,

Inc.,4.50%, 07/16/2044 2,088,000 2,591,690

Fairfax Financial Holdings Ltd.(Canada), 4.85%, 04/17/2028 2,781,000 3,203,859 4.63%, 04/29/2030 3,657,000 4,197,688

Nationwide Mutual InsuranceCo., 4.95%, 04/22/2044(b) 3,068,000 3,741,132

13,734,369

Multi-Utilities–0.10% Dominion Energy, Inc., Series C,

2.25%, 08/15/2031 354,000 357,763 WEC Energy Group, Inc., 1.38%,

10/15/2027 2,504,000 2,477,102

2,834,865

Office REITs–1.04% Alexandria Real Estate Equities,

Inc.,3.95%, 01/15/2027 2,823,000 3,182,327 1.88%, 02/01/2033 12,555,000 12,063,896 4.00%, 02/01/2050 2,598,000 3,052,687

Highwoods Realty L.P., 2.60%,02/01/2031 2,070,000 2,115,245

Office Properties Income Trust,4.50%, 02/01/2025 5,174,000 5,596,381 2.65%, 06/15/2026 848,000 865,879 2.40%, 02/01/2027 3,394,000 3,396,643

30,273,058

Oil & Gas Drilling–0.09% Delek Logistics Partners

L.P./Delek Logistics FinanceCorp., 7.13%, 06/01/2028(b) 523,000 555,034

NGL Energy Operating LLC/NGLEnergy Finance Corp., 7.50%,02/01/2026(b) 405,000 411,581

Precision Drilling Corp.(Canada), 6.88%,01/15/2029(b) 395,000 397,927

Rockies Express Pipeline LLC,4.80%, 05/15/2030(b) 430,000 445,248 6.88%, 04/15/2040(b) 339,000 374,203

Valaris Ltd., 12.00% PIK Rate,8.25% Cash

Rate, 04/30/2028(b)(h) 182,000 189,042 Series 1145, 12.00% PIK Rate,

8.25% Cash Rate,04/30/2028(h) 342,000 355,234

2,728,269

Oil & Gas Equipment & Services–0.14% Baker Hughes, a GE Co.

LLC/Baker HughesCo-Obligor, Inc.,3.34%, 12/15/2027 3,214,000 3,547,126

USA Compression Partners L.P./USA Compression Finance Corp.,

6.88%, 09/01/2027 485,000 508,605

4,055,731

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Oil & Gas Exploration & Production–1.66% Aethon United BR L.P./Aethon

United Finance Corp., 8.25%,02/15/2026(b) $1,046,000 $ 1,136,265

Callon Petroleum Co., 8.00%,08/01/2028(b)(c) 501,000 482,972

Cameron LNG LLC, 3.30%, 01/15/2035(b) 3,917,000 4,255,266

3.40%, 01/15/2038(b) 4,220,000 4,542,863

ConocoPhillips, 2.40%,02/15/2031(b) 66,000 67,988

Devon Energy Corp., 5.25%,10/15/2027(b) 8,752,000 9,313,729

EQT Corp., 3.13%, 05/15/2026(b) 811,000 834,316

3.63%, 05/15/2031(b)(c) 581,000 615,038

Galaxy Pipeline Assets BidcoLtd. (United Arab Emirates), 2.16%, 03/31/2034(b) 3,520,000 3,511,763

2.94%, 09/30/2040(b) 5,170,000 5,265,791

Gazprom PJSC via Gaz FinancePLC (Russia), 2.95%,01/27/2029(b) 7,070,000 6,970,249

Genesis Energy L.P./GenesisEnergy Finance Corp., 6.25%, 05/15/2026 255,000 245,756

8.00%, 01/15/2027 546,000 542,877

7.75%, 02/01/2028 304,000 298,406

Hilcorp Energy I L.P./HilcorpFinance Co., 6.25%,11/01/2028(b) 482,000 498,870

Lundin Energy Finance B.V.(Netherlands), 2.00%, 07/15/2026(b) 2,566,000 2,587,201

3.10%, 07/15/2031(b) 2,566,000 2,605,914

Murphy Oil Corp., 6.38%, 07/15/2028(c) 2,418,000 2,547,967

6.38%, 12/01/2042 180,000 179,342

Northern Oil and Gas, Inc.,8.13%, 03/01/2028(b) 811,000 843,485

Ovintiv Exploration, Inc., 5.63%,07/01/2024 314,000 350,105

SM Energy Co., 10.00%,01/15/2025(b)(c) 509,000 568,171

48,264,334

Oil & Gas Refining & Marketing–0.51% Parkland Corp. (Canada),

5.88%, 07/15/2027(b) 2,535,000 2,704,211

4.50%, 10/01/2029(b) 1,951,000 2,002,653

Petronas Capital Ltd. (Malaysia), 2.48%, 01/28/2032(b) 3,527,000 3,595,871

3.40%, 04/28/2061(b) 6,289,000 6,637,779

14,940,514

Oil & Gas Storage & Transportation–6.71% Boardwalk Pipelines L.P., 3.40%,

02/15/2031 3,153,000 3,366,661

Cheniere Corpus ChristiHoldings LLC, 2.74%,12/31/2039(b) 3,402,000 3,407,110

Cheniere Energy Partners L.P.,5.63%, 10/01/2026 236,000 244,531


Oil & Gas Storage & Transportation–(continued) Energy Transfer L.P.,

5.88%, 01/15/2024 $ 508,000 $ 560,084

2.90%, 05/15/2025 4,018,000 4,219,088

3.75%, 05/15/2030 6,585,000 7,156,200

4.90%, 03/15/2035 10,804,000 12,473,948

5.00%, 05/15/2050 7,246,000 8,505,104

Series A, 6.25%(d)(e) 342,000 305,235

Enterprise Products OperatingLLC, 3.13%, 07/31/2029 350,000 379,075

4.80%, 02/01/2049 2,189,000 2,731,690

4.20%, 01/31/2050 2,574,000 2,980,728

3.70%, 01/31/2051 12,424,000 13,490,190

Series D, 6.88%,03/01/2033 2,458,000 3,470,592

4.88%, 08/16/2077(d) 10,130,000 9,934,524

Hess Midstream OperationsL.P.,5.63%, 02/15/2026(b) 729,000 757,883

Kinder Morgan EnergyPartners L.P.,4.30%, 05/01/2024(c) 1,971,000 2,136,751

Kinder Morgan, Inc., 7.80%, 08/01/2031(c) 17,074,000 24,626,616

7.75%, 01/15/2032 17,670,000 25,588,446

3.25%, 08/01/2050 13,500,000 13,235,248

MPLX L.P., 1.75%, 03/01/2026 3,426,000 3,470,875

4.80%, 02/15/2029 2,176,000 2,549,446

4.70%, 04/15/2048 2,570,000 3,008,784

5.50%, 02/15/2049 3,475,000 4,494,816

NGL Energy Partners L.P./NGLEnergy Finance Corp.,7.50%, 04/15/2026 357,000 299,541

NGPL PipeCo LLC, 7.77%,12/15/2037(b) 12,211,000 17,628,231

Northern Natural Gas Co.,3.40%, 10/16/2051(b) 2,341,000 2,456,377

Oasis Midstream PartnersL.P./OMP Finance Corp.,8.00%, 04/01/2029(b) 743,000 769,975

ONEOK Partners L.P., 6.85%,10/15/2037 3,892,000 5,324,144

ONEOK, Inc., 6.35%,01/15/2031 5,120,000 6,601,707

Plains All American PipelineL.P., Series B, 6.13%(d)(e) 385,000 345,537

Plains All American PipelineL.P./PAA Finance Corp.,3.55%, 12/15/2029 200,000 212,092

Sabine Pass Liquefaction LLC,5.75%, 05/15/2024 362,000 403,753

Sunoco L.P./Sunoco FinanceCorp., 5.88%, 03/15/2028 723,000 764,862

Targa Resources PartnersL.P./Targa ResourcesPartners Finance Corp., 5.88%, 04/15/2026 677,000 709,157

5.00%, 01/15/2028 201,000 211,464

5.50%, 03/01/2030 63,000 69,536

Western Midstream OperatingL.P., 2.23% (3 mo. USDLIBOR + 2.10%),01/13/2023(g) 3,109,000 3,101,861

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Oil & Gas Storage & Transportation–(continued) Williams Cos., Inc. (The),

7.88%, 09/01/2021 $ 140,000 $ 140,000

4.55%, 06/24/2024 399,000 437,148

3.50%, 11/15/2030(c) 1,995,000 2,192,466

194,761,476

Other Diversified Financial Services–1.93% AerCap Ireland Capital

DAC/AerCap GlobalAviation Trust (Ireland),4.50%, 09/15/2023 DAC 3,103,000 3,312,003

Aragvi Finance InternationalDAC (Moldova), 8.45%,04/29/2026(b) 1,385,000 1,444,361

Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026(b) 3,202,000 3,196,606

4.25%, 04/15/2026(b) 2,009,000 2,179,557

2.75%, 02/21/2028(b) 3,585,000 3,598,937

Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b) 2,868,000 2,769,616

5.00%, 06/15/2044(b) 250,000 340,852

2.80%, 09/30/2050(b) 2,149,000 2,106,921

Blackstone Secured Lending Fund, 2.75%, 09/16/2026(c) 7,261,000 7,481,612

2.13%, 02/15/2027(b) 4,396,000 4,347,167

Blue Owl Finance LLC,3.13%, 06/10/2031(b) 3,990,000 4,013,062

Carlyle Finance LLC,5.65%, 09/15/2048(b) 360,000 504,034

GE Capital Funding LLC,4.40%, 05/15/2030 2,812,000 3,297,047

ILFC E-Capital Trust II,3.91% (3 mo. USD LIBOR+ 1.80%),12/21/2065(b)(g) 620,000 524,675

KKR Group Finance Co. VIIILLC,3.50%, 08/25/2050(b) 2,173,000 2,343,977

LSEGA Financing PLC(United Kingdom), 1.38%, 04/06/2026(b) 2,907,000 2,920,257

2.00%, 04/06/2028(b) 2,683,000 2,731,821

2.50%, 04/06/2031(b) 1,634,000 1,685,733

3.20%, 04/06/2041(b) 2,238,000 2,370,691

Pershing Square HoldingsLtd. (Guernsey), 3.25%,11/15/2030(b) 4,800,000 4,940,515

56,109,444

Packaged Foods & Meats–0.56% JBS Finance Luxembourg

S.a.r.l., 3.63%,01/15/2032(b) 3,156,000 3,271,083

JBS USA LUX S.A./JBSUSA Food Co./JBS USAFinance, Inc., 6.50%,04/15/2029(b)(c) 466,000 528,327

Kraft Heinz FoodsCo. (The), 6.88%, 01/26/2039 340,000 508,736

5.00%, 06/04/2042 352,000 446,040

4.38%, 06/01/2046 472,000 548,246

5.50%, 06/01/2050 540,000 721,715

Minerva Luxembourg S.A.(Brazil), 4.38%,03/18/2031(b) 10,531,000 10,359,029

16,383,176

Paper Packaging–0.23% Berry Global, Inc., 1.65%,

01/15/2027(b) 3,817,000 3,806,904


Paper Packaging–(continued) Cascades, Inc./Cascades USA,

Inc. (Canada), 5.38%,01/15/2028(b) $ 2,726,000 $ 2,875,930

6,682,834

Paper Products–0.26% Georgia-Pacific LLC, 2.10%,

04/30/2027(b) 3,052,000 3,169,747

Schweitzer-MauduitInternational, Inc., 6.88%,10/01/2026(b) 1,493,000 1,565,784

Suzano Austria GmbH (Brazil),3.13%, 01/15/2032 2,139,000 2,148,091

Sylvamo Corp., 7.00%,09/01/2029(b) 534,000 553,563

7,437,185

Pharmaceuticals–0.41% AdaptHealth LLC,

6.13%, 08/01/2028(b) 251,000 267,629

5.13%, 03/01/2030(b) 276,000 279,965

Bausch Health Cos., Inc., 6.13%, 04/15/2025(b) 153,000 156,634

9.00%, 12/15/2025(b) 202,000 215,130

5.75%, 08/15/2027(b)(c) 500,000 525,650

Endo DAC/Endo FinanceLLC/Endo Finco, Inc., 9.50%,07/31/2027(b) 72,000 70,838

Mayo Clinic, Series 2021, 3.20%,11/15/2061 2,444,000 2,719,718

Organon & Co./Organon ForeignDebt Co-Issuer B.V., 4.13%,04/30/2028(b) 1,158,000 1,196,156

Par Pharmaceutical, Inc., 7.50%,04/01/2027(b) 785,000 795,794

Royalty Pharma PLC, 2.20%, 09/02/2030 82,000 81,364

2.15%, 09/02/2031 1,747,000 1,705,703

3.35%, 09/02/2051 1,745,000 1,697,006

Viatris, Inc., 3.85%,06/22/2040(b) 2,102,000 2,280,096

11,991,683

Property & Casualty Insurance–0.48% Assured Guaranty US Holdings,

Inc., 3.60%, 09/15/2051 1,729,000 1,790,446

Fidelity National Financial, Inc.,3.40%, 06/15/2030 2,603,000 2,815,048

First American Financial Corp.,2.40%, 08/15/2031 3,228,000 3,190,632

W.R. Berkley Corp., 4.00%, 05/12/2050 2,176,000 2,552,261

3.55%, 03/30/2052 3,241,000 3,544,995

13,893,382

Railroads–0.97% Canadian Pacific Railway Co.

(Canada), 6.13%, 09/15/2115 11,051,000 17,545,105

Kenan Advantage Group, Inc.(The), 7.88%, 07/31/2023(b) 270,000 270,580

Norfolk Southern Corp., 3.40%,11/01/2049 3,298,000 3,552,917

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Railroads–(continued) Union Pacific Corp.,

2.15%, 02/05/2027 $3,491,000 $ 3,645,789

3.95%, 08/15/2059 2,669,000 3,179,121

28,193,512

Real Estate Development–0.36% Arabian Centres Sukuk II Ltd.

(Saudi Arabia), 5.63%,10/07/2026(b) 5,002,000 5,192,451

Essential Properties L.P., 2.95%,07/15/2031 2,551,000 2,573,870

Piedmont Operating PartnershipL.P., 3.15%, 08/15/2030 2,492,000 2,575,010

10,341,331

Regional Banks–1.77% Citizens Financial Group, Inc.,

2.50%, 02/06/2030 3,375,000 3,480,702

3.25%, 04/30/2030 210,000 228,683

Series G, 4.00%(d)(e) 3,379,000 3,467,699

Fifth Third Bancorp, 4.30%, 01/16/2024 2,523,000 2,727,996

2.38%, 01/28/2025 7,102,000 7,432,711

2.55%, 05/05/2027(c) 2,177,000 2,311,503

Huntington Bancshares, Inc.,2.49%, 08/15/2036(b)(d) 2,700,000 2,706,877

KeyCorp, 2.25%, 04/06/2027 4,906,000 5,116,713

M&T Bank Corp., 3.50%(d)(e) 3,144,000 3,210,024

SVB Financial Group, 2.10%, 05/15/2028 2,375,000 2,428,112

1.80%, 02/02/2031(c) 4,608,000 4,464,916

Series C, 4.00%(d)(e) 6,884,000 7,150,755

Synovus Financial Corp., 3.13%,11/01/2022 2,271,000 2,326,654

Zions Bancorporation N.A.,3.25%, 10/29/2029 4,138,000 4,381,154

51,434,499

Reinsurance–0.78% Berkshire Hathaway Finance

Corp., 2.85%, 10/15/2050 3,233,000 3,261,846

Global Atlantic Fin Co., 4.40%, 10/15/2029(b) 9,421,000 10,452,094

3.13%, 06/15/2031(b) 2,301,000 2,344,376

4.70%, 10/15/2051(b)(d) 6,477,000 6,643,194

22,701,510

Research & Consulting Services–0.02% Dun & Bradstreet Corp. (The),

6.88%, 08/15/2026(b) 455,000 480,025

10.25%, 02/15/2027(b) 34,000 36,933

516,958

Residential REITs–0.45% American Homes 4 Rent L.P.,

2.38%, 07/15/2031 868,000 872,594

3.38%, 07/15/2051 853,000 880,819

Mid-America Apartments L.P.,2.88%, 09/15/2051 865,000 851,619

Spirit Realty L.P., 3.40%, 01/15/2030 4,902,000 5,264,978

2.70%, 02/15/2032 352,000 354,763

UDR, Inc., 3.00%, 08/15/2031 2,639,000 2,804,296


Residential REITs–(continued) VEREIT Operating Partnership

L.P., 2.20%, 06/15/2028 $ 1,935,000 $ 1,982,369

13,011,438

Restaurants–0.18% 1011778 BC ULC/New Red

Finance, Inc. (Canada),4.00%, 10/15/2030(b) 4,019,000 4,001,839

Aramark Services, Inc., 5.00%,04/01/2025(b) 515,000 528,939

IRB Holding Corp., 6.75%,02/15/2026(b) 690,000 710,700

5,241,478

Retail REITs–1.10% Agree L.P., 2.60%, 06/15/2033 2,737,000 2,772,722

Brixmor Operating PartnershipL.P., 4.05%, 07/01/2030 2,848,000 3,226,838

2.50%, 08/16/2031 2,084,000 2,096,979

Kimco Realty Corp., 1.90%, 03/01/2028 4,255,000 4,292,518

2.70%, 10/01/2030 2,438,000 2,527,521

National Retail Properties, Inc.,3.50%, 04/15/2051 3,252,000 3,467,332

NMG Holding Co., Inc./NeimanMarcus Group LLC, 7.13%,04/01/2026(b) 246,000 260,760

Realty Income Corp., 3.25%,01/15/2031 3,129,000 3,458,355

Regency Centers L.P., 4.13%,03/15/2028 2,214,000 2,520,089

Retail Properties of America,Inc., 4.75%, 09/15/2030 2,614,000 2,930,242

Simon Property Group L.P.,1.38%, 01/15/2027 4,276,000 4,266,136

31,819,492

Security & Alarm Services–0.01% Brink’s Co. (The), 4.63%,

10/15/2027(b) 201,000 211,368

Semiconductor Equipment–0.01% NXP B.V./NXP Funding LLC/NXP

USA, Inc. (China), 3.40%,05/01/2030(b) 289,000 317,295

Semiconductors–1.68% Analog Devices, Inc., 3.13%,

12/05/2023(c) 2,236,000 2,361,161

Broadcom Corp./BroadcomCayman Finance Ltd., 3.88%, 01/15/2027 2,607,000 2,878,997

3.50%, 01/15/2028 6,238,000 6,790,542

Broadcom, Inc., 5.00%, 04/15/2030 4,626,000 5,484,256

2.45%, 02/15/2031(b) 2,643,000 2,621,670

3.47%, 04/15/2034(b) 12,461,000 13,206,337

Marvell Technology, Inc., 2.95%,04/15/2031(b) 6,350,000 6,619,053

Micron Technology, Inc., 4.98%, 02/06/2026 1,880,000 2,164,406

4.19%, 02/15/2027 5,683,000 6,469,897

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Semiconductors–(continued) Skyworks Solutions, Inc.,

3.00%, 06/01/2031 $ 125,000 $ 130,098

48,726,417

Soft Drinks–0.08% Coca-Cola Europacific Partners

PLC (United Kingdom),1.50%, 01/15/2027(b) 1,890,000 1,889,525

Coca-Cola FEMSA S.A.B. deC.V. (Mexico), 1.85%,09/01/2032 155,000 150,296

Keurig Dr Pepper, Inc., 4.60%,05/25/2028 250,000 293,599

2,333,420

Sovereign Debt–1.72% Banque Ouest Africaine de

Developpement(Supranational), 5.00%,07/27/2027(b) 8,000,000 8,985,200

Brazilian GovernmentInternational Bond (Brazil) 3.75%, 09/12/2031 5,970,000 5,889,405

4.75%, 01/14/2050 4,807,000 4,560,689

Dominican RepublicInternational Bond(Dominican Republic),5.30%, 01/21/2041(b) 2,320,000 2,372,223

Egypt Government InternationalBond (Egypt), 3.88%, 02/16/2026(b) 3,583,000 3,520,075

5.88%, 02/16/2031(b)(c) 2,762,000 2,735,537

7.50%, 02/16/2061(b) 3,739,000 3,558,070

Ghana GovernmentInternational Bond (Ghana),7.75%, 04/07/2029(b) 3,282,000 3,323,455

Morocco GovernmentInternational Bond(Morocco), 2.38%, 12/15/2027(b) 2,089,000 2,068,047

4.00%, 12/15/2050(b) 1,625,000 1,515,880

Oman GovernmentInternational Bond (Oman), 4.88%, 02/01/2025(b) 995,000 1,045,054

6.25%, 01/25/2031(b) 1,140,000 1,246,120

7.00%, 01/25/2051(b) 1,215,000 1,270,619

Perusahaan Penerbit SBSNIndonesia III (Indonesia),3.55%, 06/09/2051(b) 3,149,000 3,234,779

Turkey GovernmentInternational Bond (Turkey),4.75%, 01/26/2026 4,475,000 4,473,134

49,798,287

Specialized Consumer Services–0.02% Carriage Services, Inc., 4.25%,

05/15/2029(b) 105,000 105,295

Terminix Co. LLC (The), 7.45%,08/15/2027 463,000 554,607

659,902

Specialized Finance–0.31% Mitsubishi HC Capital, Inc.

(Japan), 3.64%,04/13/2025(b)(c) 5,927,000 6,415,214

National Rural UtilitiesCooperative Finance Corp.,2.40%, 03/15/2030 2,421,000 2,508,352

8,923,566


Specialized REITs–0.84% American Tower Corp.,

2.70%, 04/15/2031(c) $ 6,214,000 $ 6,450,944

3.10%, 06/15/2050 4,779,000 4,753,050

Crown Castle International Corp.,2.50%, 07/15/2031 5,059,000 5,137,365

Equinix, Inc., 3.20%, 11/18/2029 120,000 129,207

Extra Space Storage L.P., 2.55%,06/01/2031 2,338,000 2,377,372

SBA Communications Corp., 4.88%, 09/01/2024 507,000 515,239

3.88%, 02/15/2027 255,000 265,335

3.13%, 02/01/2029(b) 4,949,000 4,868,678

24,497,190

Specialty Chemicals–0.51% Braskem Idesa S.A.P.I. (Mexico),

7.45%, 11/15/2029(b) 3,457,000 3,667,929

Rayonier A.M. Products, Inc.,7.63%, 01/15/2026(b) 726,000 766,837

Sasol Financing USA LLC(South Africa), 4.38%, 09/18/2026 4,049,000 4,186,970

5.50%, 03/18/2031 5,790,000 6,130,336

14,752,072

Steel–0.06% Steel Dynamics, Inc., 3.25%,

01/15/2031 42,000 45,635

SunCoke Energy, Inc., 4.88%,06/30/2029(b) 1,804,000 1,829,454

1,875,089

Systems Software–0.79% Camelot Finance S.A., 4.50%,

11/01/2026(b) 1,229,000 1,284,059

Crowdstrike Holdings, Inc.,3.00%, 02/15/2029 2,891,000 2,918,898

Oracle Corp., 3.60%, 04/01/2050 11,262,000 11,769,360

3.85%, 04/01/2060 4,355,000 4,690,757

VMware, Inc., 2.20%, 08/15/2031 2,430,000 2,415,973

23,079,047

Technology Distributors–0.08% Avnet, Inc., 4.63%, 04/15/2026 2,079,000 2,333,087

Technology Hardware, Storage & Peripherals–0.49% Apple, Inc.,

2.65%, 05/11/2050 4,304,000 4,271,671

2.80%, 02/08/2061 9,665,000 9,675,860

Western Digital Corp., 4.75%,02/15/2026(c) 310,000 347,020

14,294,551

Textiles–0.01% Eagle Intermediate Global

Holding B.V./Ruyi US FinanceLLC (China), 7.50%,05/01/2025(b) 214,000 199,287

Thrifts & Mortgage Finance–0.02% NMI Holdings, Inc., 7.38%,

06/01/2025(b) 444,000 502,830

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Tobacco–1.31% Altria Group, Inc.,

4.40%, 02/14/2026 $ 3,211,000 $ 3,637,040

2.45%, 02/04/2032 5,509,000 5,387,553

3.40%, 02/04/2041 5,053,000 4,865,956

3.70%, 02/04/2051 14,457,000 14,066,952

4.00%, 02/04/2061 7,041,000 6,929,848

BAT Capital Corp. (UnitedKingdom), 2.26%, 03/25/2028 2,885,000 2,900,805

2.73%, 03/25/2031 143,000 142,652

37,930,806

Trading Companies & Distributors–0.54% AerCap Global Aviation Trust

(Ireland), 6.50%,06/15/2045(b)(d) 8,383,000 9,102,597

Air Lease Corp., 3.00%,09/15/2023 1,878,000 1,958,286

Aircastle Ltd., 5.00%, 04/01/2023 534,000 569,201

4.40%, 09/25/2023 3,695,000 3,943,280

15,573,364

Trucking–1.80% Aviation Capital Group LLC.

4.13%, 08/01/2025(b) 5,168,000 5,604,751

3.50%, 11/01/2027(b) 14,740,000 15,650,302

Penske Truck Leasing Co.L.P./PTL Finance Corp., 1.20%, 11/15/2025(b) 1,885,000 1,876,066

3.40%, 11/15/2026(b) 405,000 443,047

Ryder System, Inc., 4.63%, 06/01/2025 3,364,000 3,784,013

2.90%, 12/01/2026(c) 303,000 325,464

SMBC Aviation Capital FinanceDAC (Ireland), 3.00%, 07/15/2022(b) 2,947,000 3,005,747

4.13%, 07/15/2023(b) 3,674,000 3,894,973

Triton Container InternationalLtd. (Bermuda), 2.05%, 04/15/2026(b) 6,078,000 6,135,536

3.15%, 06/15/2031(b)(c) 5,425,000 5,548,847

Uber Technologies, Inc., 4.50%,08/15/2029(b) 6,022,000 5,937,421

52,206,167

Wireless Telecommunication Services–2.50% Rogers Communications, Inc.

(Canada), 4.50%, 03/15/2043 330,000 388,374

5.00%, 03/15/2044 4,468,000 5,593,970

Sprint Capital Corp., 8.75%,03/15/2032 315,000 482,914

Sprint Corp., 7.88%, 09/15/2023 84,000 95,273

7.63%, 02/15/2025 394,000 466,890

7.63%, 03/01/2026 389,000 480,104

Sprint Spectrum Co. LLC/SprintSpectrum Co. II LLC/SprintSpectrum Co. III LLC, 4.74%, 03/20/2025(b) 10,280,625 10,997,185

5.15%, 03/20/2028(b) 10,994,000 12,674,983


Wireless Telecommunication Services–(continued) T-Mobile USA, Inc.,

2.25%, 02/15/2026(b) $ 3,076,000 $ 3,145,210

2.63%, 04/15/2026 3,413,000 3,511,124

2.63%, 02/15/2029 1,823,000 1,848,066

3.50%, 04/15/2031 925,000 986,050

4.50%, 04/15/2050 2,605,000 3,127,029

3.40%, 10/15/2052(b) 6,099,000 6,199,298

VEON Holdings B.V.(Netherlands), 4.00%, 04/09/2025(b) 3,605,000 3,807,871

3.38%, 11/25/2027(b) 3,762,000 3,833,196

Vodafone Group PLC(United Kingdom), 3.25%, 06/04/2081(d) 2,081,000 2,117,417

4.13%, 06/04/2081(d) 3,580,000 3,637,513

5.13%, 06/04/2081(d) 3,503,000 3,625,290

Xiaomi Best TimeInternational Ltd. (China), 2.88%, 07/14/2031(b) 3,663,000 3,690,589

4.10%, 07/14/2051(b) 1,841,000 1,912,017

72,620,363

Total U.S. Dollar Denominated Bonds &Notes (Cost $2,325,431,240)

2,463,487,211

U.S. Treasury Securities–5.76% U.S. Treasury Bills–0.37% 0.05%, 02/17/2022(i)(j) 10,749,000 10,746,729

U.S. Treasury Bonds–1.92% 1.75%, 08/15/2041 18,178,400 17,895,783

2.38%, 05/15/2051 34,240,500 37,822,377

55,718,160

U.S. Treasury Notes–3.47% 0.38%, 08/15/2024 18,949,400 18,936,076

0.75%, 08/31/2026 54,261,000 54,201,652

1.13%, 08/31/2028 11,476,200 11,508,477

1.25%, 08/15/2031(c) 16,106,500 16,025,968

100,672,173

Total U.S. Treasury Securities(Cost $167,519,549)

167,137,062

Shares Preferred Stocks–2.96% Asset Management & Custody Banks–0.15% Bank of New York Mellon

Corp. (The), 4.70%, SeriesG, Pfd.(d) 4,016,000 4,423,624

Diversified Banks–1.64% Bank of America Corp.,

7.25%, Series L, Conv.Pfd. 100 146,800

Bank of America Corp.,6.50%, Series Z, Pfd.(c)(d) 4,158,000 4,698,540

Citigroup, Inc., 6.25%, SeriesT, Pfd.(d) 2,110,000 2,458,150

Citigroup, Inc., 5.00%, SeriesU, Pfd.(d) 7,500,000 7,912,500

Citigroup, Inc., 4.00%, SeriesW, Pfd.(d) 3,879,000 4,034,160

JPMorgan Chase & Co.,3.60%, Series I, Pfd.(g) 6,741,000 6,756,366

Wells Fargo & Co., 7.50%,Class A, Series L, Conv.Pfd. 14,554 21,700,014

47,706,530

Integrated Telecommunication Services–0.18% AT&T, Inc., 2.88%, Series B,

Pfd.(d) 4,400,000 5,266,935

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Shares Value

Investment Banking & Brokerage–0.66% Charles Schwab Corp.

(The), 4.00%, SeriesH, Pfd.(d) 3,793,000 $ 3,949,461

Goldman Sachs Group,Inc. (The), 5.00%,Series P, Pfd.(c)(d) 3,255,000 3,290,805

Morgan Stanley, 7.13%,Series E, Pfd.(d) 265,000 7,605,500

Morgan Stanley, 6.88%,Series F, Pfd.(d) 150,000 4,215,000

19,060,766

Life & Health Insurance–0.11% MetLife, Inc., 3.85%,

Series G, Pfd.(c)(d) 3,104,000 3,266,960

Multi-Utilities–0.07% CenterPoint Energy, Inc.,

6.13%, Series A, Pfd.(c)(d) 1,866,000 1,974,461

Other Diversified Financial Services–0.06% Equitable Holdings, Inc.,

4.95%, Series B, Pfd.(d) 1,724,000 1,879,160

Regional Banks–0.09% PNC Financial Services

Group, Inc. (The),6.13%, Series P, Pfd.(d) 95,000 2,470,950

Total Preferred Stocks(Cost $78,436,208)

86,049,386

PrincipalAmount

Variable Rate Senior Loan Interests–1.41%(k)(l) Diversified REITs–0.25% Asterix, Inc. (Canada),

Term Loan, 3.90%,09/01/2021(m) $8,984,719 7,219,680

Health Care Supplies–1.16% Medline Industries,

Inc., Term Loan, 0.13%, 08/04/2022 6,740,000 6,740,000

0.13%, 08/04/2022 26,961,000 26,961,000

33,701,000

Total Variable Rate Senior Loan Interests(Cost $40,420,557)

40,920,680

Asset-Backed Securities–0.89% Jimmy Johns Funding

LLC, Series 2017-1A,Class A2II, 4.85%,07/30/2047(b) 4,221,971 4,581,689

Sonic Capital LLC,Series 2020-1A,Class A2I, 3.85%,01/20/2050(b) 10,575,181 11,330,194

Series 2021-1A,Class A2I, 2.19%,08/20/2051(b) 2,550,000 2,561,549

Series 2021-1A,Class A2II, 2.64%,08/20/2051(b) 2,510,000 2,523,751

Wendy’s Funding LLC,Series 2018-1A,Class A2II, 3.88%,03/15/2048(b) 4,390,750 4,700,108

Total Asset-Backed Securities (Cost$24,396,044)

25,697,291

Non-U.S. Dollar Denominated Bonds & Notes–0.27%(n) Building Products–0.01% Maxeda DIY Holding

B.V. (Netherlands),5.88%, 10/01/2026(b) EUR 411,000 502,186


Food Retail–0.02% Iceland Bondco PLC

(United Kingdom),4.63%,03/15/2025(b) GBP 385,000 $ 517,472

Movies & Entertainment–0.13% Netflix, Inc., 3.88%,

11/15/2029(b) EUR 2,600,000 3,723,869

Sovereign Debt–0.11% Ukraine Government

International Bond(Ukraine), 4.38%,01/27/2030(b) EUR 2,765,000 3,122,431

Total Non-U.S. Dollar DenominatedBonds & Notes (Cost $6,975,402)

7,865,958

Municipal Obligations–0.23% California State

University, Series2021 B, Ref. RB,2.72%, 11/01/2052 $ 2,340,000 2,325,234

Series 2021-B, Ref.RB, 2.94%,11/01/2052 3,495,000 3,515,219

Florida DevelopmentFinance Corp.(Palm BayAcademy, Inc.), Series 2017, Ref.RB, 9.00%,05/15/2024(b) 735,000 740,326

Series 2017, Ref.RB, 0.00%,05/15/2037(b)(f)(m) 360,000 4

Series 2017, Ref.RB, 0.00%,05/15/2037(b)(f)(m) 350,000 70,000

Total Municipal Obligations(Cost $6,904,186)

6,650,783

Shares

Exchange-Traded Funds–0.20% Invesco Total Return

Bond ETF (Cost $5,830,000)(o) 100,000 5,743,000

Money Market Funds–3.60% Invesco

Government &Agency Portfolio,Institutional Class,0.03%(o)(p) 35,841,512 35,841,512

Invesco Liquid AssetsPortfolio,Institutional Class,0.01%(o)(p) 27,732,242 27,743,334

Invesco TreasuryPortfolio,Institutional Class,0.01%(o)(p) 40,961,728 40,961,728

Total Money Market Funds (Cost$104,546,574)

104,546,574

Options Purchased–0.09%(Cost $3,356,446)(q)

2,698,906

TOTAL INVESTMENTS IN SECURITIES(excluding investments purchased withcash collateral from securities onloan)-100.27%(Cost $2,763,816,206)

2,910,796,851

Investments Purchased with Cash Collateral from Securitieson Loan

Money Market Funds–3.84% Invesco Private

Government Fund,0.02%(o)(p)(r) 33,077,327 33,077,327

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Investment Abbreviations:

Conv. - ConvertibleETF - Exchange-Traded FundEUR - EuroGBP - British Pound SterlingLIBOR - London Interbank Offered RatePfd. - PreferredPIK - Pay-in-KindRB - Revenue BondsRef. - RefundingSOFR - Secured Overnight Financing RateUSD - U.S. Dollar

Notes to Schedule of Investments:

(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, whichwas developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Theaggregate value of these securities at August 31, 2021 was $926,162,608, which represented 31.90% of the Fund’s Net Assets.

(c) All or a portion of this security was out on loan at August 31, 2021.(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(e) Perpetual bond with no specified maturity date.(f) Zero coupon bond issued at a discount.(g) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(h) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.(i) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.(j) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(k) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The

degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As aresult, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that thevariable rate senior loan interests will have an expected average life of three to five years.

(l) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject tocontractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates whichadjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than oneyear, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of adesignated U.S. bank.

(m) Security valued using significant unobservable inputs (Level 3). See Note 3.(n) Foreign denominated security. Principal amount is denominated in the currency indicated.(o) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser

that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments inaffiliates for the six months ended August 31, 2021.

Value

February 28, 2021 Purchases

at Cost Proceeds

from Sales

Change inUnrealized

Appreciation(Depreciation)

RealizedGain

ValueAugust 31, 2021 Dividend Income

Invesco TotalReturn BondETF $ 5,686,000 $ - $ - $57,000 $ - $ 5,743,000 $ 54,316

Investments inAffiliated Money Market Funds:

InvescoGovernment &AgencyPortfolio,InstitutionalClass 38,593,273 163,684,845 (166,436,606) - - 35,841,512 1,880

Invesco LiquidAssetsPortfolio,InstitutionalClass 27,566,599 116,917,747 (116,741,011) (100) 99 27,743,334 663

InvescoTreasuryPortfolio,InstitutionalClass 44,106,598 187,068,394 (190,213,264) - - 40,961,728 794

Shares Value

Money Market Funds–(continued) Invesco Private Prime Fund,

0.11%(o)(p)(r) 78,424,180 $ 78,455,550

Total Investments Purchased with CashCollateral from Securities on Loan(Cost $111,532,877)

111,532,877

TOTAL INVESTMENTS IN SECURITIES-104.11% (Cost $2,875,349,083)

3,022,329,728

OTHER ASSETS LESS LIABILITIES-(4.11)% (119,294,700)

NET ASSETS–100.00% $2,903,035,028





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Page 2 of 2Investments

Purchasedwith CashCollateralfromSecuritieson Loan:

Invesco PrivateGovernmentFund 2,748,998 116,625,008 (86,296,679) - - 33,077,327 1,455*

Invesco PrivatePrime Fund 4,123,497 218,247,195 (143,915,142) - - 78,455,550 21,220*

Total $122,824,965 $802,543,189 $(703,602,702) $56,900 $99 $221,822,451 $ 80,328



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* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement ofOperations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(p) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.(q) The table below details options purchased.(r) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the

borrower’s return of the securities loaned. See Note 1I.Open Exchange-Traded Equity Options Purchased

Description Type of

Contract Expiration

Date Number ofContracts Exercise Price

NotionalValue* Value

Equity Risk

Alphabet, Inc. Call 06/17/2022 3 USD 2,950.00 USD 885,000 $ 74,760

Amazon.com, Inc. Call 06/17/2022 1 USD 3,900.00 USD 390,000 17,643

Apple, Inc. Call 06/17/2022 20 USD 160.00 USD 320,000 23,161

Energy Select Sector SPDR Fund Call 06/17/2022 2,665 USD 57.00 USD 15,190,500 413,075

Microsoft Corp. Call 06/17/2022 19 USD 310.00 USD 589,000 42,037

Total Open Exchange-Traded Equity Options Purchased 2,708 $570,676

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Index Options Purchased

Description Type of

Contract Expiration

Date Number ofContracts

ExercisePrice


Equity Risk

S&P 500 Index Call 05/20/2022 78 USD 4,500.00 USD 35,100,000 $2,128,230


Open Exchange-Traded Equity Options Written

Description Type of

Contract ExpirationDate

Number ofContracts

ExercisePrice

PremiumsReceived


UnrealizedAppreciation

Equity Risk

Energy Select Sector SPDR Fund Call 06/17/2022 2,665 USD 70.00 $(418,311) USD 18,655,000 $(89,278) $329,033


Open Over-The-Counter Credit Default Swaptions Written(a)

Counterparty Type of

Contract Exercise

Rate Reference

Entity

(Pay)/Receive

FixedRate

PaymentFrequency

ExpirationDate

ImpliedCredit

Spread(b) PremiumsReceived

NotionalValue Value


Credit Risk

GoldmanSachsInternational

Put 108.00%

MarkitCDXNorth

AmericaHighYieldIndex,Series

36,Version 1

5.00% Quarterly 09/15/2021 2.770% $(411,119) USD (63,249,000) $(46,101) $365,018

(a) Over-The-Counter swaptions written are collateralized by cash held with Counterparties in the amount of $360,000.(b) Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of the existing

credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement.An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increasedrisk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for thereference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Futures Contracts

Long Futures Contracts Number ofContracts

ExpirationMonth

NotionalValue Value


(Depreciation)

Interest Rate Risk

U.S. Treasury 2 Year Notes 1,913 December-2021 $ 421,487,705 $ 283,962 $ 283,962

U.S. Treasury 5 Year Notes 2,020 December-2021 249,911,875 316,192 316,192

U.S. Treasury 10 Year Notes 833 December-2021 111,166,453 31,281 31,281

U.S. Treasury Long Bonds 104 December-2021 16,948,750 (53,625) (53,625)

Subtotal-Long Futures Contracts 577,810 577,810



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Page 1 of 1Open Futures Contracts-(continued)

Short Futures Contracts Number ofContracts

ExpirationMonth Notional Value Value


(Depreciation)

Interest Rate Risk

U.S. Treasury 10 Year Ultra Notes 1,893 December-2021 $(280,193,578) $ 169,734 $ 169,734

U.S. Treasury Ultra Bonds 551 December-2021 (108,701,969) 413,414 413,414

Subtotal-Short Futures Contracts 583,148 583,148

Total Futures Contracts $1,160,958 $ 1,160,958

Open Forward Foreign Currency Contracts

Settlement

Contract to


Date Counterparty Deliver Receive (Depreciation)

Currency Risk

11/17/2021 Goldman Sachs International CAD 11,500,000 USD 9,147,362 $ 33,413

11/17/2021 Goldman Sachs International GBP 350,000 USD 484,978 3,715

Subtotal-Appreciation 37,128

Currency Risk 11/17/2021 Canadian Imperial Bank of Commerce EUR 9,680,000 USD 11,367,138 (79,417)

11/17/2021 Citibank, N.A. EUR 850,000 USD 998,113 (7,009)

Subtotal-Depreciation (86,426)

Total Forward Foreign Currency Contracts $(49,298)

Abbreviations:

CAD -Canadian DollarEUR -EuroGBP -British Pound SterlingUSD -U.S. Dollar

Portfolio CompositionBy security type, based on Net Assetsas of August 31, 2021 U.S. Dollar Denominated Bonds & Notes 84.86%

U.S. Treasury Securities 5.76

Preferred Stocks 2.96

Variable Rate Senior Loan Interests 1.41

Security Types Each Less Than 1% of Portfolio 1.59

Money Market Funds Plus Other Assets Less Liabilities 3.42



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Statement of Assets and LiabilitiesAugust 31, 2021

(Unaudited)



Assets: Investments in unaffiliated securities, at value

(Cost $2,653,439,632)* $2,800,507,277

Investments in affiliates, at value(Cost $221,909,451) 221,822,451

Other investments: Variation margin receivable – futures

contracts 958,361

Unrealized appreciation on forward foreigncurrency contracts outstanding 37,128

Deposits with brokers: Cash collateral – OTC Derivatives 360,000

Foreign currencies, at value(Cost $5,098,315) 5,113,680

Receivable for: Investments sold 4,827,853

Fund shares sold 7,627,408

Dividends 273,579

Interest 22,077,054

Investment for trustee deferred compensationand retirement plans 237,111

Other assets 166,359

Total assets 3,064,008,261

Liabilities: Other investments:

Options written, at value (premiumsreceived $829,430) 135,379

Unrealized depreciation on forward foreigncurrency contracts outstanding 86,426

Payable for: Investments purchased 43,257,049

Dividends 994,464

Fund shares reacquired 2,904,190

Amount due custodian 704,110

Collateral upon return of securities loaned 111,532,877

Accrued fees to affiliates 823,836

Accrued trustees’ and officers’ fees andbenefits 2,494

Accrued other operating expenses 269,554

Trustee deferred compensation andretirement plans 262,854

Total liabilities 160,973,233

Net assets applicable to shares outstanding $2,903,035,028

Net assets consist of: Shares of beneficial interest $2,704,044,835

Distributable earnings 198,990,193

$2,903,035,028

Net Assets: Class A $1,391,837,198

Class C $ 61,739,240

Class R $ 12,992,377

Class Y $ 552,689,779

Class R5 $ 18,204,915

Class R6 $ 865,571,519

Shares outstanding, no par value, with an unlimited number ofshares authorized:

Class A 175,227,167

Class C 7,714,693

Class R 1,634,791

Class Y 69,431,214

Class R5 2,288,881

Class R6 108,722,076

Class A: Net asset value per share $ 7.94

Maximum offering price per share(Net asset value of $7.94 ÷ 95.75%) $ 8.29

Class C:Net asset value and offering price per share $ 8.00

Class R:Net asset value and offering price per share $ 7.95

Class Y:Net asset value and offering price per share $ 7.96

Class R5:Net asset value and offering price per share $ 7.95

Class R6:Net asset value and offering price per share $ 7.96

* At August 31, 2021, securities with an aggregate value of$108,578,948 were on loan to brokers.

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Statement of OperationsFor the six months ended August 31, 2021

(Unaudited) Investment income: Interest (net of foreign withholding taxes of $(3,609)) $ 44,514,283

Dividends 987,056

Dividends from affiliates (includes securities lending income of $66,475) 124,128

Total investment income 45,625,467

Expenses: Advisory fees 3,968,082

Administrative services fees 182,687

Custodian fees 10,666

Distribution fees: Class A 1,694,017

Class C 316,021

Class R 30,837

Transfer agent fees — A, C, R and Y 1,248,632

Transfer agent fees — R5 8,518

Transfer agent fees — R6 55,547

Trustees’ and officers’ fees and benefits 24,382

Registration and filing fees 108,331

Reports to shareholders 114,679

Professional services fees 56,376

Other 25,854

Total expenses 7,844,629

Less: Fees waived and/or expense offset arrangement(s) (21,898)

Net expenses 7,822,731

Net investment income 37,802,736

Realized and unrealized gain (loss) from: Net realized gain (loss) from:

Unaffiliated investment securities 17,621,206

Affiliated investment securities 99

Foreign currencies (48,227)

Forward foreign currency contracts 378,764

Futures contracts (10,117,984)

Option contracts written 596,564

Swap agreements (348,856)

8,081,566

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities 40,731,318

Affiliated investment securities 56,900

Foreign currencies 9,835

Forward foreign currency contracts (117,868)

Futures contracts (274,550)


40,978,285

Net realized and unrealized gain 49,059,851

Net increase in net assets resulting from operations $ 86,862,587



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Statement of Changes in Net AssetsFor the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

August 31,

2021 February 28,

2021

Operations: Net investment income $ 37,802,736 $ 69,397,448

Net realized gain 8,081,566 100,097,393

Change in net unrealized appreciation (depreciation) 40,978,285 (34,247,244)

Net increase in net assets resulting from operations 86,862,587 135,247,597

Distributions to shareholders from distributable earnings: Class A (18,500,051) (75,965,080)

Class C (626,623) (3,630,108)

Class R (152,808) (673,911)

Class Y (7,254,037) (26,565,725)

Class R5 (267,039) (714,077)

Class R6 (11,784,558) (37,802,611)

Total distributions from distributable earnings (38,585,116) (145,351,512)

Share transactions–net: Class A 25,715,725 121,480,031

Class C (4,722,853) (1,174,577)

Class R 949,235 (531,997)

Class Y 46,950,115 157,159,060

Class R5 3,415,114 6,083,742

Class R6 173,692,030 121,518,498

Net increase in net assets resulting from share transactions 245,999,366 404,534,757

Net increase in net assets 294,276,837 394,430,842

Net assets: Beginning of period 2,608,758,191 2,214,327,349

End of period $2,903,035,028 $2,608,758,191



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Page 1 of 1Financial Highlights(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

Net assetvalue,

beginningof period

Netinvestmentincome(a)

Net gains(losses)

on securities(both

realized andunrealized)

Total frominvestmentoperations

Dividendsfrom net

investmentincome

Distributionsfrom netrealized

gains Total

distributions

Net assetvalue, endof period

Totalreturn (b)

Net assets,end of period

(000’s omitted)

Ratio ofexpensesto averagenet assets

with fee waiversand/or

expensesabsorbed

Ratio ofexpenses

to average netassets without

fee waiversand/or

expensesabsorbed

Ratio of netinvestment

incometo averagenet assets

Portfolioturnover (c)

Class A Six months ended 08/31/21 $7.80 $0.11 $ 0.14 $0.25 $ (0.11) $ – $ (0.11) $7.94 3.20% $1,391,837 0.71%(d) 0.71%(d) 2.67%(d) 72%Year ended 02/28/21 7.80 0.22 0.25 0.47 (0.24) (0.23) (0.47) 7.80 6.14 1,342,071 0.74 0.74 2.87 182Year ended 02/29/20 7.02 0.25 0.80 1.05 (0.27) – (0.27) 7.80 15.20 1,224,248 0.80 0.80 3.30 192Year ended 02/28/19 7.20 0.28 (0.17) 0.11 (0.29) (0.00) (0.29) 7.02 1.65 968,160 0.83 0.83 4.00 145Year ended 02/28/18 7.31 0.26 (0.06) 0.20 (0.27) (0.04) (0.31) 7.20 2.68 1,001,173 0.85 0.85 3.58 180Year ended 02/28/17 6.89 0.26 0.42 0.68 (0.26) – (0.26) 7.31 9.97 948,305 0.90 0.90 3.60 212Class C Six months ended 08/31/21 7.86 0.08 0.14 0.22 (0.08) – (0.08) 8.00 2.80 61,739 1.46(d) 1.46(d) 1.92(d) 72Year ended 02/28/21 7.87 0.17 0.24 0.41 (0.19) (0.23) (0.42) 7.86 5.23 65,404 1.49 1.49 2.12 182Year ended 02/29/20 7.08 0.19 0.82 1.01 (0.22) – (0.22) 7.87 14.43 66,662 1.55 1.55 2.55 192Year ended 02/28/19 7.26 0.23 (0.17) 0.06 (0.24) (0.00) (0.24) 7.08 0.91(e) 37,280 1.53(e) 1.53(e) 3.30(e) 145Year ended 02/28/18 7.36 0.21 (0.06) 0.15 (0.21) (0.04) (0.25) 7.26 2.07(e) 82,939 1.58(e) 1.58(e) 2.85(e) 180Year ended 02/28/17 6.92 0.21 0.42 0.63 (0.19) – (0.19) 7.36 9.17 85,127 1.65 1.65 2.85 212Class R Six months ended 08/31/21 7.81 0.10 0.14 0.24 (0.10) – (0.10) 7.95 3.07 12,992 0.96(d) 0.96(d) 2.42(d) 72Year ended 02/28/21 7.81 0.20 0.25 0.45 (0.22) (0.23) (0.45) 7.81 5.87 11,819 0.99 0.99 2.62 182Year ended 02/29/20 7.02 0.23 0.81 1.04 (0.25) – (0.25) 7.81 15.06 12,435 1.05 1.05 3.05 192Year ended 02/28/19 7.21 0.26 (0.17) 0.09 (0.28) (0.00) (0.28) 7.02 1.30 6,889 1.08 1.08 3.75 145Year ended 02/28/18 7.31 0.25 (0.06) 0.19 (0.25) (0.04) (0.29) 7.21 2.57 7,196 1.10 1.10 3.33 180Year ended 02/28/17 6.89 0.24 0.42 0.66 (0.24) – (0.24) 7.31 9.70 6,742 1.15 1.15 3.35 212Class Y Six months ended 08/31/21 7.82 0.12 0.14 0.26 (0.12) – (0.12) 7.96 3.32 552,690 0.46(d) 0.46(d) 2.92(d) 72Year ended 02/28/21 7.82 0.24 0.25 0.49 (0.26) (0.23) (0.49) 7.82 6.40 497,643 0.49 0.49 3.12 182Year ended 02/29/20 7.03 0.27 0.81 1.08 (0.29) – (0.29) 7.82 15.62 343,580 0.55 0.55 3.55 192Year ended 02/28/19 7.22 0.30 (0.18) 0.12 (0.31) (0.00) (0.31) 7.03 1.76 86,657 0.58 0.58 4.25 145Year ended 02/28/18 7.32 0.28 (0.05) 0.23 (0.29) (0.04) (0.33) 7.22 3.08 87,895 0.60 0.60 3.83 180Year ended 02/28/17 6.90 0.28 0.42 0.70 (0.28) – (0.28) 7.32 10.23 235,464 0.65 0.65 3.85 212Class R5 Six months ended 08/31/21 7.81 0.12 0.14 0.26 (0.12) – (0.12) 7.95 3.35 18,205 0.43(d) 0.43(d) 2.95(d) 72Year ended 02/28/21 7.81 0.25 0.24 0.49 (0.26) (0.23) (0.49) 7.81 6.45 14,418 0.44 0.44 3.17 182Year ended 02/29/20 7.03 0.27 0.80 1.07 (0.29) – (0.29) 7.81 15.55 8,537 0.49 0.49 3.61 192Year ended 02/28/19 7.21 0.30 (0.17) 0.13 (0.31) (0.00) (0.31) 7.03 2.00 6,841 0.49 0.49 4.34 145Year ended 02/28/18 7.31 0.29 (0.06) 0.23 (0.29) (0.04) (0.33) 7.21 3.16 3,829 0.53 0.53 3.90 180Year ended 02/28/17 6.89 0.29 0.42 0.71 (0.29) – (0.29) 7.31 10.34 5,222 0.56 0.56 3.94 212Class R6 Six months ended 08/31/21 7.82 0.12 0.14 0.26 (0.12) – (0.12) 7.96 3.39 865,572 0.35(d) 0.35(d) 3.03(d) 72Year ended 02/28/21 7.82 0.25 0.25 0.50 (0.27) (0.23) (0.50) 7.82 6.54 677,403 0.36 0.36 3.25 182Year ended 02/29/20 7.04 0.28 0.80 1.08 (0.30) – (0.30) 7.82 15.62 558,866 0.41 0.41 3.69 192Year ended 02/28/19 7.22 0.31 (0.17) 0.14 (0.32) (0.00) (0.32) 7.04 2.01 388,221 0.43 0.43 4.40 145Year ended 02/28/18 7.32 0.30 (0.06) 0.24 (0.30) (0.04) (0.34) 7.22 3.25 413,844 0.44 0.44 3.99 180Year ended 02/28/17 6.90 0.29 0.42 0.71 (0.29) – (0.29) 7.32 10.43 29,232 0.47 0.47 4.03 212

(a) Calculated using average shares outstanding.(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder

transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.(d) Annualized.(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.95% and 0.98% for the years ended February 28, 2019 and 2018, respectively.



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Notes to Financial StatementsAugust 31, 2021(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Corporate Bond Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds)(the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, asamended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares ofbeneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each classwill be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s primary investment objective is to seek to provide current income with preservation of capital. Capital appreciation is asecondary objective that is sought only when consistent with the Fund’s primary investment objective.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Yshares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met.Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are soldwith a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years afterpurchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversionpursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class Cshares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordancewith Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by anindependent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quotedprices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related tospecific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debtobligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally valuedebt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities insmaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate andcredit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by thepricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual tradingcharacteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as ofthe close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or officialclosing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in theover-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securitiesare valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlementprice set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and askedprices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent sourceat the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and optioncontracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at theend-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on anexchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchangewhere the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluatedquotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings,industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlementprice determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicableexchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equitysecurities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before theclose of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and theclose of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make theclosing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, thesecurity will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices toreflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, basedon historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close ofthe NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will bepriced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricingservice in determining adjustments to reflect fair value and may include information relating to sector indices, American DepositaryReceipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes,potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information,relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished byindependent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices isused to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in goodfaith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events,market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making agood faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interestrates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes ininterest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, whichmay affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of theissuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverseeconomic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regionalor global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism oradverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in thefinancial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are





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computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on anaccrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debtsecurities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash arerecorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recordedas adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds fromlitigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments nolonger held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis ofsecurities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination ofnet realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement ofChanges in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights.Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns.These transaction costs are not considered operating expenses and are not reflected in net investment income reported in theStatement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios ofexpenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangementsbetween the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. TheFund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments,the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors.These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, thecountry in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’ssecurities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country inwhich the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of thecollateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States ofAmerica, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realizedcapital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat aportion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded inthe financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained.Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should berecorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that thetotal amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject toexaminations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class.Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 areallocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to theoperations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to allother classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classesbased on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportingperiod including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount.In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and beforethe date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust isindemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal courseof business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses.The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made againstthe Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Suchloans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lendingprovider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies.Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money marketfunds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment ofcollateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the nextbusiness day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily lessthan the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, includingthe economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and tothe extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly,and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or theFund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon thefailure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market toreplace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities maylose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lendingagent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss onthe collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net ofcompensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value ofsecurities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks andmajor currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) andincome items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates oninvestments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign


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Page 1 of 2exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the netrealized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains orlosses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates onsecurities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded onthe Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains andlosses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resultingfrom changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currencyrepatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that existin the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for promptdelivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreigncurrency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts thatdo not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as thedifference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount(non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forwardforeign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency foran agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of theunderlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value ofthese contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealizedappreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realizedand unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forwardforeign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currencychanging unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market pricemovements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlyingsecurity, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date.The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financialinstrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities orcash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the valueof the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent orvariation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts arereflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fundrecognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’sbasis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period isincluded on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of aliquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, theFund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain themargin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, asCounterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in theStatement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option givesthe purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at thestated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and ninemonths from the date written. The exercise price of a call option may be below, equal to, or above the current market value of theunderlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and anequivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect thecurrent market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund entersinto a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premiumreceived when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related tosuch option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of theunderlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains andlosses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealizedappreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity forprofit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statementof Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the optionpurchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Netrealized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option isthat the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondarymarket will exist for any option purchased.

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and creditdefault swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions areagreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) betweentwo parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and clearedthrough a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among otherconditions, events of default and termination events, and various covenants and representations such as provisions that require theFund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specificperiods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may beable to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange thereturns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returnsto be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase invalue of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency,or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrallycleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the centralCounterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the centralCounterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margindeposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securitiesdeposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assetsand Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund ormay be received by the Fund, based on the





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Page 1 of 1daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payablefor variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gainor loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protectionby paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If adefined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixedpayment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notionalvalue, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive afixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protectionseller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of thereferenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold inorder to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and themarket value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, theFund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfoliobecause, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. Inconnection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respectiveswap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvencyof a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financialdifficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss fromCounterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated byhaving a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterpartyto cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDScontract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that haswidened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for thereference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the referenceentity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for afixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statementof Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day.Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and maybe referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swapagreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. Aliquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement ofOperations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of aFund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets andLiabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, andCounterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that aswap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest ratesand market fluctuations. It is possible that developments in the swaps market, including potential government regulation, couldadversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit relatedcontingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that,for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement,which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security posesmore risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’sexposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2021 for which the Fund is the sellerof protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recoveryvalues of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts receivedfrom the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interestrate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out theuse of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selectionof widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remainsuncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fundor the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics ofany alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments usingan alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption ofalternative reference rates could result in losses to the Fund.

P. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument orenters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Q. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is theFund’s practice to replace such collateral no later than the next business day.

R. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks

keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign ratesmay expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly thosewith longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightenedvolatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price maydecline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentiallyincrease portfolio turnover and the Fund’s transaction costs.

S. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance. 30 Invesco Corporate Bond Fund

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Page 1 of 1NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under theterms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annualrate of the Fund’s average daily net assets as follows:

Average Daily Net Assets Rate

First $ 500 million 0.420%

Next $750 million 0.350%

Over $1.25 billion 0.220%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.29%.Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH,

Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the feespaid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund basedon the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%,respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory feesand/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expensesafter fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales;(4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually paybecause of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. Duringits term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiverswithout approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expenselimit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in anamount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund ofuninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $20,258.The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay

Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021,expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has enteredinto a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and providescertain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as theFund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which theFund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expensesincurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the sixmonths ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A, Class C and Class R shares. The Fund, pursuant to the Plans,pays IDI compensation at the annual rate of 0.50% of the Fund’s average daily net assets of Class R shares. The Fund, pursuant to thePlans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 25% of the Fund’saverage daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the Fund’s average daily net assets of Class Cshares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class ofshares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Anyamounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry RegulatoryAuthority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of sharesof the Fund.

For the six months ended August 31, 2021, expenses incurred under these agreements are shown in the Statement of Operations asDistribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $94,534 in front-end sales commissions from the sale of Class A shares and $8,568 and $2,862 from Class A andClass C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participantsmay use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, creditrisk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs areunavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservableinputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would usein determining fair value of the securities or instruments and would be based on the best available information.


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Page 1 of 1The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may

not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation,the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. Level 1 Level 2 Level 3 Total

Investments in Securities

U.S. Dollar Denominated Bonds & Notes $ – $2,463,487,211 $ – $2,463,487,211

U.S. Treasury Securities – 167,137,062 – 167,137,062

Preferred Stocks 36,138,264 49,911,122 – 86,049,386

Variable Rate Senior Loan Interests – 33,701,000 7,219,680 40,920,680

Asset-Backed Securities – 25,697,291 – 25,697,291

Non-U.S. Dollar Denominated Bonds & Notes – 7,865,958 – 7,865,958

Municipal Obligations – 6,580,779 70,004 6,650,783

Exchange-Traded Funds 5,743,000 – – 5,743,000

Money Market Funds 104,546,574 111,532,877 – 216,079,451

Options Purchased 2,698,906 – – 2,698,906

Total Investments in Securities 149,126,744 2,865,913,300 7,289,684 3,022,329,728

Other Investments - Assets*

Futures Contracts 1,214,583 – – 1,214,583

Forward Foreign Currency Contracts – 37,128 – 37,128

1,214,583 37,128 – 1,251,711

Other Investments - Liabilities*

Futures Contracts (53,625) – – (53,625)

Forward Foreign Currency Contracts – (86,426) – (86,426)

Options Written (89,278) (46,101) – (135,379)

(142,903) (132,527) – (275,430)

Total Other Investments 1,071,680 (95,399) – 976,281

Total Investments $150,198,424 $2,865,817,901 $7,289,684 $3,023,306,009

* Futures contracts and forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options written areshown at value.

NOTE 4–Derivative InvestmentsThe Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered intounder an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out nettingprovisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of thenetting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreementsin the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

Value

Derivative Assets Credit

Risk Currency

Risk EquityRisk

InterestRate Risk Total

Unrealized appreciation on futures contracts -Exchange-Traded(a) $ - $ - $ - $ 1,214,583 $ 1,214,583

Unrealized appreciation on forward foreigncurrency contracts outstanding - 37,128 - - 37,128

Options purchased, at value - Exchange-Traded(b) - - 2,698,906 - 2,698,906

Total Derivative Assets - 37,128 2,698,906 1,214,583 3,950,617

Derivatives not subject to master nettingagreements - - (2,698,906) (1,214,583) (3,913,489)

Total Derivative Assets subject to masternetting agreements $ - $ 37,128 $ - $ - $ 37,128

Value

Derivative Liabilities Credit

Risk Currency

Risk EquityRisk


Unrealized depreciation on futures contracts - Exchange-Traded(a) $ - $ - $ - $ (53,625) $ (53,625)

Unrealized depreciation on forward foreign currencycontracts outstanding - (86,426) - - (86,426)

Options written, at value - Exchange-Traded - - (89,278) - (89,278) Options written, at value - OTC (46,101) - - - (46,101)

Total Derivative Liabilities (46,101) (86,426) (89,278) (53,625) (275,430)

Derivatives not subject to master netting agreements - - 89,278 53,625 142,903

Total Derivative Liabilities subject to master nettingagreements $ (46,101) $ (86,426) $ - $ - $(132,527)


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Page 1 of 1(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.(b) Options purchased, at value as reported in the Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTCderivative transactions as of August 31, 2021.

FinancialDerivative

Assets Financial Derivative Liabilities Collateral

(Received)/Pledged

Counterparty Forward Foreign

Currency Contracts

ForwardForeign

CurrencyContracts

OptionsWritten

TotalLiabilities

Net Value ofDerivatives Non-Cash Cash

NetAmount

Canadian Imperial Bank ofCommerce $ – $(79,417) $ – $ (79,417) $(79,417) $– $ – $(79,417)

Citibank, N.A. – (7,009) – (7,009) (7,009) – – (7,009)

Goldman SachsInternational 37,128 – (46,101) (46,101) (8,973) – 8,973 –

Total $37,128 $(86,426) $(46,101) $(132,527) $(95,399) $– $8,973 $(86,426)

Effect of Derivative Investments for the six months ended August 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings duringthe period:

Location of Gain (Loss) onStatement of Operations

CreditRisk

CurrencyRisk

EquityRisk


Realized Gain (Loss): Forward foreign currency contracts $ - $ 378,764 $ - $ - $ 378,764

Futures contracts - - - (10,117,984) (10,117,984)

Options purchased(a) - - 2,766,782 - 2,766,782

Options written - - 264,406 332,158 596,564

Swap agreements (348,856) - - - (348,856)

Change in Net Unrealized Appreciation (Depreciation): Forward foreign currency contracts - (117,868) - - (117,868)

Futures contracts - - - (274,550) (274,550)

Options purchased(a) - - 848,237 - 848,237

Options written 365,018 - 207,632 - 572,650

Total $ 16,162 $ 260,896 $4,087,057 $(10,060,376) $ (5,696,261)

(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation(depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

ForwardForeign Currency

Contracts Futures

Contracts

EquityOptions

Purchased

IndexOptions

Purchased

EquityOptionsWritten

SwaptionsWritten

SwapAgreements

Average notional value $ 22,191,672 $1,219,481,820 $29,964,875 $35,372,500 $34,509,500 $58,850,500 $57,132,104

Average Contracts – – 5,571 83 5,530 – –

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used bythe transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from thisarrangement, which resulted in the reduction of the Fund’s total expenses of $1,640.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of theFund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also includeamounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option toselect various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligibleto participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on thenumber of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits undersuch plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligationsunder the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund. 33 Invesco Corporate Bond Fund

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Page 1 of 1NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, ifany at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensatethe custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so thecustodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreedupon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additionalsecurities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from anInvesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which maydiffer from GAAP.Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital losscarryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets willbe reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date mayaffect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in thefuture may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of February 28, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, ifany) purchased and sold by the Fund during the six months ended August 31, 2021 was $1,067,291,924 and $915,152,482, respectively.Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the mostrecently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments $155,126,759

Aggregate unrealized (depreciation) of investments (11,272,192)

Net unrealized appreciation of investments $143,854,567

Cost of investments for tax purposes is $2,879,451,442.

NOTE 10-Share Information

Summary of Share Activity

Six months endedAugust 31, 2021(a)

Year endedFebruary 28, 2021

Shares Amount Shares Amount

Sold: Class A 15,499,096 $121,362,655 42,426,949 $329,987,090

Class C 611,974 4,828,851 3,264,279 25,393,841

Class R 337,835 2,644,078 773,452 5,957,853

Class Y 24,199,875 189,914,501 57,457,299 442,795,202

Class R5 713,539 5,526,662 1,104,999 8,728,618

Class R6 31,118,277 244,014,508 27,744,665 216,580,860

Issued as reinvestment of dividends: Class A 2,032,039 15,929,446 8,590,964 67,200,792

Class C 60,639 478,825 373,451 2,949,384

Class R 19,419 152,345 85,384 667,766

Class Y 653,701 5,141,639 2,560,753 20,141,227

Class R5 33,902 266,215 90,723 712,329

Class R6 1,371,836 10,789,538 4,509,781 35,354,372

Automatic conversion of Class C shares to Class A shares: Class A 270,936 2,119,114 1,357,383 10,710,890

Class C (268,918) (2,119,114) (1,345,849) (10,710,890)


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Reacquired: Class A (14,561,988) $ (113,695,490) (37,298,221) $(286,418,741)

Class C (1,006,302) (7,911,415) (2,449,613) (18,806,912)

Class R (236,171) (1,847,188) (937,974) (7,157,616)

Class Y (19,055,990) (148,106,025) (40,319,234) (305,777,369)

Class R5 (303,683) (2,377,763) (443,245) (3,357,205)

Class R6 (10,371,057) (81,112,016) (17,109,553) (130,416,734)

Net increase in share activity 31,118,959 $ 245,999,366 50,436,393 $ 404,534,757

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of theoutstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invescoaffiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund,Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party recordkeeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by theseentities are also owned beneficially.


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Calculating your ongoing Fund expensesExample

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchasepayments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distributionand/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on aninvestment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expensesThe table below provides information about actual account values and actual expenses. You may use the information in this table, togetherwith the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (forexample, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled“Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposesThe table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actualexpense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid forthe period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5%hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs,such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, thehypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning differentfunds. In addition, if these transaction costs were included, your costs would have been higher.

Beginning Account Value

(03/01/21)

ACTUAL

HYPOTHETICAL(5% annual return before

expenses)

Annualized Expense

Ratio

Ending Account Value

(08/31/21)1

Expenses Paid During

Period2


(08/31/21)


Period2

Class A $1,000.00 $1,032.00 $3.64 $1,021.63 $3.62 0.71% Class C 1,000.00 1,028.00 7.46 1,017.85 7.43 1.46 Class R 1,000.00 1,030.70 4.91 1,020.37 4.89 0.96 Class Y 1,000.00 1,033.20 2.36 1,022.89 2.35 0.46 Class R5 1,000.00 1,033.50 2.20 1,023.04 2.19 0.43 Class R6 1,000.00 1,033.90 1.79 1,023.44 1.79 0.35

1 The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual

expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5%before expenses.

2 Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by184/365 to reflect the most recent fiscal half year.


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Approval of Investment Advisory and Sub-Advisory Contracts At meetings held on June 10, 2021, theBoard of Trustees (the Board or theTrustees) of AIM Investment SecuritiesFunds (Invesco Investment SecuritiesFunds) as a whole, and the independentTrustees, who comprise over 75% of theBoard, voting separately, approved thecontinuance of the Invesco CorporateBond Fund’s (the Fund) Master InvestmentAdvisory Agreement with Invesco Advisers,Inc. (Invesco Advisers and the investmentadvisory agreement) and the MasterIntergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, InvescoHong Kong Limited, Invesco SeniorSecured Management, Inc. and InvescoCanada Ltd. (collectively, the AffiliatedSub-Advisers and the sub-advisorycontracts) for another year, effective July 1,2021. After evaluating the factorsdiscussed below, among others, the Boardapproved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determinedthat the compensation payable thereunderby the Fund to Invesco Advisers and by

throughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees alsodiscussed the continuance of the investmentadvisory agreement and sub-advisorycontracts in separate sessions with theSenior Officer and with independent legalcounsel.

The discussion below is a summary of theSenior Officer’s independent writtenevaluation with respect to the Fund’sinvestment advisory agreement andsub-advisory contracts, as well as adiscussion of the material factors andrelated conclusions that formed the basis forthe Board’s approval of the Fund’sinvestment advisory agreement andsub-advisory contracts. The Trustees’ reviewand conclusions are based on thecomprehensive consideration of allinformation presented to them during thecourse of the year and in prior years and arenot the result of any single determinativefactor. Moreover, one Trustee may haveweighed a particular piece of information orfactor differently than another Trustee. Theinformation received and considered by theBoard was current as of various dates priorto the Board’s approval on June 10, 2021.

an investment management business, aswell as its commitment of financial andother resources to such business. TheBoard concluded that the nature, extentand quality of the services provided to theFund by Invesco Advisers are appropriateand satisfactory.

The Board reviewed the services thatmay be provided by the AffiliatedSub-Advisers under the sub-advisorycontracts and the credentials andexperience of the officers and employeesof the Affiliated Sub-Advisers who providethese services. The Board noted theAffiliated Sub-Advisers’ expertise withrespect to certain asset classes and thatthe Affiliated Sub-Advisers have officesand personnel that are located in financialcenters around the world. As a result, theBoard noted that the AffiliatedSub-Advisers can provide research andinvestment analysis on the markets andeconomies of various countries in whichthe Fund may invest, makerecommendations regarding securities andassist with security trades. The Boardconcluded that the sub-advisory contractsmay benefit the Fund and its shareholdersby permitting Invesco Advisers to use the





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Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meetregularly with portfolio managers for theirassigned Invesco Funds and othermembers of management to reviewdetailed information about investmentperformance and portfolio attributes ofthese funds. The Board has establishedadditional standing and ad hoc committeesthat meet regularly throughout the year toreview matters within their purview. TheBoard took into account evaluations andreports that it received from its committeesand sub-committees, as well as theinformation provided to the Board and itscommittees and sub-committeesthroughout the year, in consideringwhether to approve each Invesco Fund’sinvestment advisory agreement andsub-advisory contracts.

As part of the contract renewal process,the Board reviews and considersinformation provided in response todetailed requests for information submittedto management by the independentTrustees with assistance from legalcounsel to the independent Trustees. TheBoard receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups providedby Broadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated duringthe annual contract renewal process toensure they are negotiated in a mannerthat is at arms’ length and reasonable. Inaddition to meetings with Invesco Advisersand fund counsel

Factors and Conclusions and Summaryof Independent Written Fee EvaluationA. Nature, Extent and Quality of Services

Provided by Invesco Advisers and theAffiliated Sub-Advisers

The Board reviewed the nature, extent andquality of the advisory services provided tothe Fund by Invesco Advisers under theFund’s investment advisory agreement, andthe credentials and experience of theofficers and employees of Invesco Adviserswho provide these services, including theFund’s portfolio manager(s). The Board’sreview included consideration of InvescoAdvisers’ investment process and oversight,credit analysis, and research capabilities.The Board considered information regardingInvesco Advisers’ programs for andresources devoted to risk management,including management of investment,enterprise, operational, liquidity, valuationand compliance risks, and technology usedto manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator ofthe Invesco Funds’ liquidity riskmanagement program. The Board receiveda description of Invesco Advisers’ businesscontinuity plans and of its approach to dataprivacy and cybersecurity, including relatedtesting. The Board considered how thecybersecurity and business continuity plansof Invesco Advisers and its key serviceproviders operated in the increased remoteworking environment resulting from thenovel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisoryservices that Invesco Advisers and itsaffiliates provide to the Invesco Funds suchas various back office support functions,third party oversight, internal audit,valuation, portfolio trading and legal andcompliance. The Board observed thatInvesco Advisers has been able toeffectively manage, operate and oversee theInvesco Funds through the challengingCOVID-19 pandemic period. The Boardreviewed and considered the benefits toshareholders of investing in a Fund that ispart of the family of funds under theumbrella of Invesco Ltd., Invesco Advisers’parent company, and noted Invesco Ltd.’sdepth and experience in running

resources and talents of the AffiliatedSub-Advisers in managing the Fund. TheBoard concluded that the nature, extentand quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement. The Boarddid not view Fund investment performanceas a relevant factor in considering whetherto approve the sub-advisory contracts forthe Fund, as no Affiliated Sub-Advisercurrently manages assets of the Fund.

The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theBloomberg Barclays U.S. Credit Index(Index). The Board noted that performanceof Class A shares of the Fund was in thesecond quintile of its performance universefor the one and three year periods and thefirst quintile for the five year period (thefirst quintile being the best performingfunds and the fifth quintile being the worstperforming funds). The Board noted thatperformance of Class A shares of the Fundwas above the performance of the Indexfor the one, three and five year periods.The Board recognized that theperformance data reflects a snapshot intime as of a particular date and thatselecting a different performance periodcould produce different results. The Boardalso reviewed more recent Fundperformance as well as other performancemetrics, which did not change itsconclusions.C. Advisory and Sub-Advisory Fees and

Fund ExpensesThe Board compared the Fund’scontractual management fee rate to thecontractual management fee rates of fundsin the Fund’s Broadridge expense group.The Board noted that the contractualmanagement fee rate for Class A shares ofthe Fund was below the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe term “contractual management fee” for

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funds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.

The Board noted that Invesco Advisershas contractually agreed to waive feesand/or limit expenses of the Fund for theterm disclosed in the Fund’s registrationstatement in an amount necessary to limittotal annual operating expenses to aspecified percentage of average daily netassets for each class of the Fund.

The Board noted that Invesco Advisersand the Affiliated Sub-Advisers do notmanage other similarly managed mutualfunds or client accounts.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefitsfrom economies of scale throughcontractual breakpoints in the Fund’sadvisory fee schedule, which generallyoperate to reduce the Fund’s expense ratioas it grows in size. The Board requestedand received additional information fromInvesco Advisers regarding the levels ofthe Fund’s breakpoints in light of currentassets. The Board noted that the Fund alsoshares in economies of scale throughInvesco Advisers’ ability to negotiate lowerfee arrangements with third party serviceproviders. The Board noted that the Fundmay also benefit from economies of scalethrough initial fee setting, fee waivers andexpense reimbursements, as well asInvesco Advisers’ investment in itsbusiness, including investments inbusiness infrastructure, technology andcybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs ofthe advisory and other services thatInvesco Advisers and its affiliates provideto the Fund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Boardconsidered the methodology used forcalculating profitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,

Invesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers

and its AffiliatesThe Board considered various other benefitsreceived by Invesco Advisers and itsaffiliates from the relationship with the Fund,including the fees received for providingadministrative, transfer agency anddistribution services to the Fund. The Boardreceived comparative information regardingfees charged for these services, includinginformation provided by Broadridge andother independent sources. The Boardreviewed the performance of InvescoAdvisers and its affiliates in providing theseservices and the organizational structureemployed to provide these services. TheBoard noted that these services areprovided to the Fund pursuant to writtencontracts that are reviewed and subject toapproval on an annual basis by the Boardbased on its determination that the servicesare required for the operation of the Fund.

The Board considered the benefitsrealized by Invesco Advisers and theAffiliated Sub-Advisers as a result ofportfolio brokerage transactions executedthrough “soft dollar” arrangements. InvescoAdvisers noted that the Fund does notexecute brokerage transactions through“soft dollar” arrangements to any significantdegree.

The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending arrangements may beinvested in registered money market fundsor, with regard to securities lending cashcollateral, unregistered funds that complywith Rule 2a-7 (collectively referred to as“affiliated money market funds”) advised byInvesco Advisers. The Board consideredinformation regarding the returns of theaffiliated money market funds relative tocomparable overnight investments, as wellas the fees paid by the affiliated moneymarket funds to Invesco Advisers and itsaffiliates. In this regard, the Board noted thatInvesco Advisers receives advisory feesfrom these affiliated money market fundsattributable to the Fund’s investments. TheBoard also noted that Invesco Advisers hascontractually agreed to waive throughvarying periods an amount equal to 100% ofthe net advisory fee Invesco Advisersreceives from the affiliated money marketfunds with respect to the Fund’s investmentin the affiliated money market funds ofuninvested cash, but not cash collateral. TheBoard concluded that the advisory feespayable to Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund.

The Board also received informationabout commissions that an affiliated brokermay receive for executing certain trades forthe Fund. Invesco Advisers and the AffiliatedSub-Advisers advised the Board of thebenefits to the Fund of executing tradesthrough the affiliated broker and that suchtrades were executed in compliance withrules under the federal securities laws andconsistent with best execution obligations.





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extent and quality of the services provided.The Board noted that Invesco Advisersprovided information demonstrating that

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Go paperless with eDeliveryVisit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investmentdocuments.With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, saveand print from your own computer:

∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms

Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For thesecond and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. Forthe first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to itsreports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings.Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for theFund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfoliosecurities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month periodended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutionalclients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds,exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. VK-CBD-SAR-1

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215753 EDG 1INVESCOGLOBAL REAL ESTATE


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Semiannual Report to Shareholders

August 31, 2021

Invesco Global Real Estate Fund

Nasdaq: A: AGREX ∎ C: CGREX ∎ R: RGREX ∎ Y: ARGYX ∎ R5: IGREX ∎ R6: FGREX

2 Fund Performance4 Liquidity Risk Management Program5 Schedule of Investments8 Financial Statements11 Financial Highlights12 Notes to Financial Statements18 Fund Expenses19 Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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Page 1 of 1 Fund Performance

Performance summary Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not includeapplicable contingent deferred sales charges (CDSC) or front-end sales charges, which would havereduced performance.

Class A Shares 16.40% Class C Shares 15.96 Class R Shares 16.27 Class Y Shares 16.56 Class R5 Shares 16.60 Class R6 Shares 16.65 MSCI World Index▼ (Broad Market Index) 16.14 Custom Invesco Global Real Estate Index∎ (Style-Specific Index) 16.29 Lipper Global Real Estate Funds Classification Average (Peer Group) 18.32 Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; Lipper Inc. The MSCI World IndexSM is an unmanaged index considered representative of stocks ofdeveloped countries. The index is computed using the net return, which withholds applicabletaxes for non-resident investors.

The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA/NAREITDeveloped Index (gross) from fund inception through February 17, 2005; the FTSE EPRA/NAREIT Developed Index (net) from February 18, 2005, through June 30, 2014; the FTSEEPRA NAREIT Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSEEPRA NAREIT Developed Index (Net) from July 1, 2021 onward. The FTSE EPRA/NAREITDeveloped index is considered representative of global real estate companies and REITs. TheFTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estatecompanies and REITS in developed and emerging markets. The net version of indexes iscomputed using the net return, which withholds taxes for non-resident investors.

The Lipper Global Real Estate Funds Classification Average represents an average of allfunds in the Lipper Global Real Estate Funds classification.



For more information about your FundRead the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate yourFund; then click on its name to access its product detail page. There, you can learn more about yourFund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insightsabout market and economic news and trends.

2 Invesco Global Real Estate Fund

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Average Annual Total Returns As of 8/31/21, including maximum applicable sales charges

Class A Shares Inception (4/29/05) 5.35% 10 Years 6.03 5 Years 3.58 1 Year 18.29 Class C Shares Inception (4/29/05) 5.33% 10 Years 6.00 5 Years 3.97 1 Year 23.39 Class R Shares Inception (4/29/05) 5.45% 10 Years 6.36 5 Years 4.47 1 Year 24.93 Class Y Shares Inception (10/3/08) 6.62% 10 Years 6.90 5 Years 5.01 1 Year 25.56 Class R5 Shares Inception (4/29/05) 6.20% 10 Years 7.12 5 Years 5.14 1 Year 25.84 Class R6 Shares 10 Years 7.12% 5 Years 5.22 1 Year 25.94

Class R6 shares incepted onSeptember 24, 2012. Performanceshown prior to that date is that ofClass A shares at net asset value andincludes the 12b-1 fees applicable toClass A shares.

The performance data quotedrepresent past performance and cannotguarantee future results; currentperformance may be lower or higher.Please visit invesco.com/ performancefor the most recent month-endperformance. Performance figuresreflect reinvested distributions,changes in net asset value and theeffect of the maximum sales chargeunless otherwise stated. Performancefigures do not reflect deduction of taxesa shareholder would pay on Funddistributions or sale of Fund shares.Investment return and principal valuewill fluctuate so that you may have again or loss when you sell shares.

Class A share performance reflectsthe maximum 5.50% sales charge, andClass C share performance reflects theapplicable contingent deferred salescharge (CDSC) for the period involved.The CDSC on Class C shares is 1% forthe first year after purchase. Class R,Class Y, Class R5 and Class R6 sharesdo not have a front-end sales charge ora CDSC; therefore, performance is atnet asset value.

The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses.

Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursed expensescurrently or in the past, returns wouldhave been lower. See current prospectusfor more information.

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Liquidity Risk ManagementProgram

In compliance with Rule 22e-4 underthe Investment Company Act of 1940,as amended (the “Liquidity Rule”), theFund has adopted and implemented aliquidity risk management program inaccordance with the Liquidity Rule(the “Program”). The Program isreasonably designed to assess andmanage the Fund’s liquidity risk, whichis the risk that the Fund could notmeet redemption requests withoutsignificant dilution of remaininginvestors’ interests in the Fund. TheBoard of Trustees of the Fund (the“Board”) has appointed InvescoAdvisers, Inc. (“Invesco”), the Fund’sinvestment adviser, as the Program’sadministrator, and Invesco hasdelegated oversight of the Program tothe Liquidity Risk ManagementCommittee (the “Committee”), which iscomposed of senior representativesfrom relevant business groups atInvesco.

As required by the Liquidity Rule, theProgram includes policies andprocedures providing for anassessment, no less frequently thanannually, of the Fund’s liquidity riskthat takes into account, as relevant tothe Fund’s liquidity risk: (1) the Fund’sinvestment strategy and liquidity ofportfolio investments during bothnormal and reasonably foreseeablestressed conditions; (2) short-term andlong-term cash flow projections for theFund during both normal andreasonably foreseeable stressedconditions; and (3) the Fund’s holdingsof cash and cash equivalents and anyborrowing arrangements. The LiquidityRule also requires the classification ofthe Fund’s investments into categoriesthat reflect the assessment of theirrelative liquidity under current marketconditions. The Fund classifies itsinvestments into one of fourcategories defined in the LiquidityRule: “Highly Liquid,” “ModeratelyLiquid,” “Less Liquid,” and “Illiquid.”Funds that are not invested primarilyin “Highly Liquid Investments” that areassets (cash or investments that arereasonably expected to be convertibleinto cash within three business dayswithout significantly changing themarket value of the investment) arerequired to establish a “Highly LiquidInvestment Minimum” (“HLIM”), whichis the minimum percentage of netassets that must be invested in HighlyLiquid Investments. Funds with HLIMshave procedures for addressing HLIMshortfalls, including reporting to theBoard and the SEC (on a non-publicbasis) as required by the Program andthe Liquidity Rule. In addition, theFund may not acquire an investmentif, immediately after the acquisition,over 15% of the Fund’s net assetswould consist of “Illiquid Investments”that are assets (an investment thatcannot reasonably be expected to besold or disposed of in current marketconditions in seven calendar days orless

without the sale or dispositionsignificantly changing the market valueof the investment). The Liquidity Ruleand the Program also require reportingto the Board and the SEC (on anon-public basis) if a Fund’s holdings ofIlliquid Investments exceed 15% of theFund’s assets.

At a meeting held on March 22-24,2021, the Committee presented a reportto the Board that addressed theoperation of the Program and assessedthe Program’s adequacy andeffectiveness of implementation (the“Report”). The Report covered theperiod from January 1, 2020 throughDecember 31, 2020 (the “ProgramReporting Period”). The Reportdiscussed notable events affectingliquidity over the Program ReportingPeriod, including the impact of thecoronavirus pandemic on the Fund andthe overall market. The Report notedthat there were no material changes tothe Program during the ProgramReporting Period.

The Report stated, in relevant part, thatduring the Program Reporting Period:

∎ The Program, as adopted andimplemented, remained reasonablydesigned to assess and manage theFund’s liquidity risk and was operatedeffectively to achieve that goal;

∎ The Fund’s investment strategy

remained appropriate for an open-endfund;

∎ The Fund was able to meet requests forredemption without significant dilution ofremaining investors’ interests in theFund;

∎ The Fund did not breach the 15% limiton Illiquid Investments; and

∎ The Fund primarily held Highly Liquid

Investments and therefore has notadopted an HLIM.

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Schedule of InvestmentsAugust 31, 2021(Unaudited)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.5 Invesco Global Real Estate Fund

Shares Value Common Stocks & Other Equity Interests-99.50% Australia–3.09% Goodman Group 190,414 $ 3,227,382 Mirvac Group 2,060,357 4,707,099 National Storage REIT 1,159,247 1,980,542 NEXTDC Ltd.(a) 193,938 1,870,391 Stockland 1,317,250 4,439,892 16,225,306 Belgium–1.69% Aedifica S.A. 14,867 2,186,374 Cofinimmo S.A. 21,426 3,543,272 Montea N.V. 21,145 3,138,410 8,868,056 Canada–3.55% Allied Properties REIT 192,596 6,608,395 Chartwell Retirement Residences 403,886 4,123,213 Killam Apartment REIT 167,413 2,854,241 Summit Industrial Income REIT 297,546 5,049,308 18,635,157 France–2.26% Covivio 38,576 3,674,639 Gecina S.A. 33,492 5,205,337 ICADE 34,453 2,959,315 11,839,291 Germany–5.23% Aroundtown S.A. 803,303 6,151,032 Sirius Real Estate Ltd. 2,081,729 3,572,284 Vonovia SE 262,470 17,709,479 27,432,795 Hong Kong–4.52% Hongkong Land Holdings Ltd. 757,600 3,179,021 Kerry Properties Ltd. 1,025,000 3,491,040 Link REIT 736,900 6,785,557 Sun Hung Kai Properties Ltd. 609,100 8,575,048 Wharf Real Estate Investment Co.

Ltd. 347,000 1,717,884 23,748,550 Italy–0.62% Infrastrutture Wireless Italiane

S.p.A.(b) 272,123 3,237,071 Japan–’8.38% Activia Properties, Inc. 402 1,684,609 Advance Residence Investment

Corp. 464 1,579,168 Japan Metropolitan Fund

Investment Corp. 2,046 1,987,101 Japan Prime Realty Investment

Corp. 693 2,591,265 Japan Real Estate Investment

Corp. 479 2,964,066 Kenedix Office Investment Corp. 244 1,791,824 LaSalle Logiport REIT 1,084 1,891,728 Mitsubishi Estate Co. Ltd. 405,900 6,344,538 Mitsui Fudosan Co. Ltd. 287,100 6,579,549 Mitsui Fudosan Logistics Park, Inc. 539 3,193,512 Nippon Accommodations Fund, Inc. 254 1,525,872

Shares Value Japan-(continued) Nippon Building Fund, Inc. 636 $ 4,132,622 Nippon Prologis REIT, Inc. 606 2,184,144 Nomura Real Estate Master Fund,

Inc. 1,521 2,345,532 Sumitomo Realty & Development

Co. Ltd. 30,000 967,600 Tokyo Tatemono Co. Ltd. 25,800 394,770 Tokyu Fudosan Holdings Corp. 310,100 1,793,645 43,951,545 Malta–0.00% BGP Holdings PLC(b)(c) 9,888,325 12 Singapore–2.66% Ascendas India Trust 559,400 602,673 Ascendas REIT 523,500 1,182,800 CapitaLand Integrated Commercial

Trust 2,890,200 4,422,843 City Developments Ltd. 291,600 1,481,265 Mapletree Commercial Trust 1,314,800 1,982,537 Mapletree Industrial Trust 1,977,280 4,295,456 13,967,574 Spain–1.27% Aena SME S.A.(a)(b) 13,249 2,114,506 Cellnex Telecom S.A.(b) 66,581 4,557,335 6,671,841 Sweden–2.44% Fabege AB 154,467 2,803,978 Samhallsbyggnadsbolaget i Norden

AB, Class B 825,684 4,722,151 Wihlborgs Fastigheter AB 216,345 5,265,207 12,791,336 United Kingdom–4.41% Derwent London PLC 66,032 3,439,729 Grainger PLC 523,202 2,299,684 Safestore Holdings PLC 247,250 3,925,217 Segro PLC 515,722 9,105,545 Tritax Big Box REIT PLC 1,340,148 4,367,831 23,138,006 United States–59.38% American Homes 4 Rent, Class A 18,744 786,123 Americold Realty Trust(d) 224,657 8,253,898 Apple Hospitality REIT, Inc. 347,311 5,133,257 AvalonBay Communities, Inc. 98,209 22,546,822 Brandywine Realty Trust 125,138 1,736,915 Brixmor Property Group, Inc. 202,487 4,748,320 Camden Property Trust 35,745 5,363,180 Columbia Property Trust, Inc. 164,738 2,754,419 CyrusOne, Inc. 101,466 7,810,853 DiamondRock Hospitality Co.(a) 346,388 3,131,348 Digital Realty Trust, Inc. 29,719 4,871,241 Duke Realty Corp. 239,821 12,593,001 Equinix, Inc. 18,653 15,732,873 Essential Properties Realty Trust,

Inc. 152,796 4,952,118 First Industrial Realty Trust, Inc. 91,121 5,101,865 Highwoods Properties, Inc. 40,263 1,839,616

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REIT – Real Estate Investment Trust


(a) Non-income producing security.(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security

may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of thesesecurities at August 31, 2021 was $9,908,924, which represented 1.89% of the Fund’s Net Assets.

(c) Security valued using significant unobservable inputs (Level 3). See Note 3.(d) All or a portion of this security was out on loan at August 31, 2021.(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under

common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six monthsended August 31, 2021.

ValueFebruary 28,

2021 Purchases

at Cost Proceeds

from Sales

Change inUnrealized

Appreciation Realized

Gain

ValueAugust 31,

2021 DividendIncome

Investments in Affiliated Money MarketFunds:

Invesco Government & Agency Portfolio,Institutional Class $2,531,994 $ 23,991,604 $ (26,523,598) $- $- $ - $ 138

Invesco Liquid Assets Portfolio, InstitutionalClass 1,808,371 17,031,755 (18,840,126) - - - 43

Invesco Treasury Portfolio, Institutional Class 2,893,707 27,418,976 (30,312,683) - - - 58Investments Purchased with CashCollateral from Securities on Loan: Invesco Private Government Fund - 30,541,907 (27,135,002) - - 3,406,905 102*Invesco Private Prime Fund - 73,601,255 (65,651,810) - - 7,949,445 1,410*Total $7,234,072 $172,585,497 $(168,463,219) $- $- $11,356,350 $1,751

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations.Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s

return of the securities loaned. See Note 1I.


Shares Value United States–(continued) Host Hotels & Resorts, Inc.(a) 53,657 $ 888,560 Invitation Homes, Inc. 497,386 20,482,355 JBG SMITH Properties 143,898 4,335,647 Life Storage, Inc. 55,299 6,881,408 Mid-America Apartment

Communities, Inc. 75,945 14,609,540 NETSTREIT Corp. 69,774 1,804,356 Outfront Media, Inc.(a) 123,537 3,058,776 PotlatchDeltic Corp. 21,590 1,121,601 Prologis, Inc. 192,022 25,857,683 Regency Centers Corp. 61,004 4,186,094 Rexford Industrial Realty, Inc. 167,135 10,350,671 RLJ Lodging Trust 482,162 6,957,598 Ryman Hospitality Properties,

Inc.(a) 92,375 7,673,591 Simon Property Group, Inc. 59,277 7,969,793 SITE Centers Corp. 307,676 4,956,660 Sunstone Hotel Investors, Inc.(a) 399,409 4,629,150 UDR, Inc. 369,970 19,985,779 Urban Edge Properties 246,207 4,663,161 Ventas, Inc. 267,665 14,973,180 VICI Properties, Inc.(d) 355,756 10,996,418 Welltower, Inc. 288,213 25,227,284

Shares Value

United States–(continued) Xenia Hotels & Resorts, Inc.(a) 150,275 $ 2,617,790

311,582,944

Total Common Stocks & Other EquityInterests(Cost $419,591,722)

522,089,484

TOTAL INVESTMENTS IN SECURITIES (excluding Investmentspurchased with cash collateralfrom securities on loan)-99.50%(Cost $419,591,722) 522,089,484

Investments Purchased with Cash Collateral fromSecurities on Loan

Money Market Funds–2.17% Invesco Private Government Fund,

0.02%(e)(f)(g) 3,406,905 3,406,905

Invesco Private Prime Fund,0.11%(e)(f)(g) 7,946,267 7,949,445


11,356,350

TOTAL INVESTMENTS INSECURITIES–101.67%(Cost $430,948,072)

533,445,834

OTHER ASSETS LESS LIABILITIES–(1.67)% (8,743,282)

NET ASSETS–100.00% $524,702,552

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Portfolio CompositionBy country, based on Net Assetsas of August 31, 2021 United States 59.38% Japan 8.38 Germany 5.23 Hong Kong 4.52 United Kingdom 4.41 Canada 3.55 Australia 3.09 Singapore 2.66 Sweden 2.44 France 2.26 Countries each less than 2% of portfolio 3.58 Money Market Funds Plus Other Assets Less

Liabilities 0.50

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Statement of Assets and LiabilitiesAugust 31, 2021(Unaudited)



(Cost $419,591,722)* $522,089,484 Investments in affiliated money market funds, at

value (Cost $11,356,350) 11,356,350 Foreign currencies, at value (Cost $673,186) 672,607 Receivable for:

Investments sold 4,503,278 Fund shares sold 227,319 Dividends 1,081,145 Interest 922


Other assets 76,022 Total assets 540,172,011

Liabilities: Payable for:

Investments purchased 2,442,281 Fund shares reacquired 371,617 Amount due custodian 607,988 Collateral upon return of securities loaned 11,356,350 Accrued fees to affiliates 262,784 Accrued trustees’ and officers’ fees and

benefits 1,300 Accrued other operating expenses 247,726

Trustee deferred compensation and retirementplans 179,413

Total liabilities 15,469,459 Net assets applicable to shares outstanding $524,702,552 Net assets consist of: Shares of beneficial interest $431,649,123 Distributable earnings 93,053,429 $524,702,552

Net Assets: Class A $118,279,546 Class C $ 5,802,299 Class R $ 27,148,971 Class Y $ 88,073,572 Class R5 $103,294,402 Class R6 $182,103,762 Shares outstanding, no par value, with an unlimited number of

shares authorized:

Class A 9,552,887 Class C 468,282 Class R 2,193,756 Class Y 7,117,448 Class R5 8,375,920 Class R6 14,767,677 Class A:

Net asset value per share $ 12.38 Maximum offering price per share

(Net asset value of $12.38 ÷ 94.50%) $ 13.10 Class C:

Net asset value and offering price per share $ 12.39 Class R:

Net asset value and offering price per share $ 12.38 Class Y:

Net asset value and offering price per share $ 12.37 Class R5:

Net asset value and offering price per share $ 12.33 Class R6:

Net asset value and offering price per share $ 12.33


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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Dividends (net of foreign withholding taxes of $182,299) $ 8,568,646

Dividends from affiliated money market funds (includes securities lending income of $1,657) 1,896





Distribution fees: Class A 144,137

Class C 28,606

Class R 64,679

Transfer agent fees – A, C, R and Y 293,675

Transfer agent fees – R5 54,408






Other 14,608


Less: Fees waived and/or expense offset arrangement(s) (920)




Unaffiliated investment securities (net of foreign taxes of $61,446) 48,108,690


48,068,343

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $72,325) 28,849,292


28,843,662


Net increase in net assets resulting from operations $82,615,545


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Statement of Changes in Net AssetsFor the six months ended August 31, 2021 and the year ended February 28, 2021(Unaudited) August 31, February 28, 2021 2021


Net realized gain (loss) 48,068,343 (26,474,240)


Net increase (decrease) in net assets resulting from operations 82,615,545 (29,883,073)


Class C (49,952) (290,832)

Class R (285,187) (987,347)

Class Y (1,404,662) (5,961,613)

Class R5 (1,778,607) (6,282,253)

Class R6 (2,629,119) (9,584,906)


Share transactions–net: Class A (6,199,861) (22,413,244)

Class C (479,336) (5,309,439)

Class R 135,759 2,307,536

Class Y (38,913,305) (37,004,226)

Class R5 (38,341,185) (25,144,365)

Class R6 (9,429,378) (19,368,398)

Net increase (decrease) in net assets resulting from share transactions (93,227,306) (106,932,136)

Net increase (decrease) in net assets (18,168,808) (165,107,574)

Net assets: Beginning of period 542,871,360 707,978,934

End of period $524,702,552 $ 542,871,360


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Page 1 of 2Financial Highlights

(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains

(losses)on securities

(bothrealized andunrealized)

Total frominvestm

entoperations

Dividends

from net

investment

income

Distributionsfrom

netrealized

gains

Totaldistributions

Net asset

value, endof period

Total

return (b)

Net assets,

end of period(000’s om

itted)

Ratio of

expensesto averagenet assets

with fee w

aiversand/or

expensesabsorbed

Ratio of

expensesto average netassets w

ithoutfee w

aiversand/or

expensesabsorbed

Ratio of net

investment

income

to averagenet assets

Portfolio

turnover (c)C

lass A

Six m

onths ended 08/31/21

$10.77 $0.11

$

1.64

$1.75

$(0.14)

$–

$(0.14)

$12.38 16.40%

$

118,280 1.33%

(d) 1.33%

(d) 1.83%

(d)

50%Year ended 02/28/21

11.65

0.17

(0.56) (0.39)

(0.21) (0.28)

(0.49)

10.77 (2.96)

108,687

1.32

1.32

1.70

160Year ended 02/29/20

12.59

0.24

0.22

0.46

(0.54) (0.86)

(1.40)

11.65 3.20

143,448 1.27

1.27

1.87


12.76

0.29

0.84

1.13

(0.60) (0.70)

(1.30)

12.59 9.46

154,173 1.26

1.26

2.26


12.83

0.30 (e) (0.01)

0.29

(0.28)

(0.08) (0.36)

12.76

2.17

156,543

1.27

1.27

2.31 (e)

51

Year ended 02/28/17

11.94 0.20

1.16

1.36

(0.47)

–

(0.47)

12.83 11.54

221,942 1.36

1.36

1.54

57C

lass C

Six m


10.78 0.06

1.65

1.71

(0.10)

–

(0.10)

12.39 15.96

5,802 2.08 (d)

2.08 (d)

1.08 (d)


11.65

0.10

(0.56) (0.46)

(0.13) (0.28)

(0.41)

10.78 (3.68)

5,493

2.07

2.07

0.95


12.59

0.15

0.21

0.36

(0.44) (0.86)

(1.30)

11.65 2.43

12,169 2.02

2.02

1.12


12.75

0.20

0.84

1.04

(0.50) (0.70)

(1.20)

12.59 8.71

14,673 2.01

2.01

1.51


12.83

0.21 (e) (0.03)

0.18

(0.18)

(0.08) (0.26)

12.75

1.33

27,654

2.02

2.02

1.56 (e)

51

Year ended 02/28/17

11.95 0.10

1.16

1.26

(0.38)

–

(0.38)

12.83 10.62

33,299 2.11

2.11

0.79

57C

lass R

Six m


10.77 0.09

1.65

1.74

(0.13)

–

(0.13)

12.38 16.26

27,149 1.58 (d)

1.58 (d)

1.58 (d)


11.64

0.15

(0.56) (0.41)

(0.18) (0.28)

(0.46)

10.77 (3.14)

23,490

1.57

1.57

1.45


12.58

0.21

0.21

0.42

(0.50) (0.86)

(1.36)

11.64 2.94

22,293 1.52

1.52

1.62


12.75

0.26

0.84

1.10

(0.57) (0.70)

(1.27)

12.58 9.18

24,003 1.51

1.51

2.01


12.83

0.27 (e) (0.02)

0.25

(0.25)

(0.08) (0.33)

12.75

1.84

23,658

1.52

1.52

2.06 (e)

51

Year ended 02/28/17

11.95 0.17

1.15

1.32

(0.44)

–

(0.44)

12.83 11.17

19,718 1.61

1.61

1.29

57C

lass Y

Six m


10.77 0.12

1.64

1.76

(0.16)

–

(0.16)

12.37 16.45

88,074 1.08 (d)

1.08 (d)

2.08 (d)


11.65

0.20

(0.57) (0.37)

(0.23) (0.28)

(0.51)

10.77 (2.69)

113,549

1.07

1.07

1.95


12.59

0.28

0.21

0.49

(0.57) (0.86)

(1.43)

11.65 3.46

166,069 1.02

1.02

2.12


12.76

0.33

0.83

1.16

(0.63) (0.70)

(1.33)

12.59 9.74

191,757 1.01

1.01

2.51


12.83

0.34 (e) (0.02)

0.32

(0.31)

(0.08) (0.39)

12.76

2.42

623,470

1.02

1.02

2.56 (e)

51

Year ended 02/28/17

11.95 0.23

1.15

1.38

(0.50)

–

(0.50)

12.83 11.72

1,167,799

1.11

1.11

1.79

57

Class R

5

Six m


10.73 0.13

1.64

1.77

(0.17)

–

(0.17)

12.33 16.60

103,294 0.93 (d)

0.93 (d)

2.23 (d)


11.61

0.21

(0.56) (0.35)

(0.25) (0.28)

(0.53)

10.73 (2.57)

124,597

0.94

0.94

2.08


12.55

0.29

0.21

0.50

(0.58) (0.86)

(1.44)

11.61 3.59

164,048 0.91

0.91

2.23


12.72

0.34

0.84

1.18

(0.65) (0.70)

(1.35)

12.55 9.87

208,742 0.92

0.92

2.60


12.81

0.35 (e) (0.03)

0.32

(0.33)

(0.08) (0.41)

12.72

2.40

260,397

0.93

0.93

2.65 (e)

51

Year ended 02/28/17

11.93 0.26

1.15

1.41

(0.53)

–

(0.53)

12.81 12.00

264,906 0.88

0.88

2.02

57C

lass R6

Six months ended 08/31/21

10.73

0.14

1.63

1.77

(0.17)

–

(0.17)

12.33 16.65

182,104

0.85 (d)

0.85 (d)

2.31 (d)

50

Year ended 02/28/21

11.61 0.22

(0.56)

(0.34) (0.26)

(0.28) (0.54)

10.73 (2.48)

167,055 0.85

0.85

2.17

160

Year ended 02/29/20

12.55 0.30

0.22

0.52

(0.60)

(0.86) (1.46)

11.61

3.68

199,952

0.82

0.82

2.32

60

Year ended 02/28/19

12.72 0.35

0.84

1.19

(0.66)

(0.70) (1.36)

12.55

9.97

207,085

0.83

0.83

2.69

47

Year ended 02/28/18

12.81 0.36 (e)

(0.03)

0.33

(0.34) (0.08)

(0.42)

12.72 2.49

197,835 0.85

0.85

2.73 (e)


11.93

0.27

1.15

1.42

(0.54)

–

(0.54)

12.81 12.07

54,547

0.81

0.81

2.09

57

(a) C

alculated using average shares outstanding.(b)

Includes adjustments in accordance w

ith accounting principles generally accepted in the United States of Am

erica and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from

the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.





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Page 2 of 2

(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d) Annualized.

(e) N

et investment incom

e per share and the ratio of net investment incom

e to average net assets includes significant dividends received during the year ended February 28, 2018. Net investm

ent income per share and the ratio of net investm

entincom

e to average net assets excluding the significant dividends are $0.25 and 1.92%, $0.16 and 1.17%

, $0.22 and 1.67%, $0.29 and 2.17%

, $0.30 and 2.26%, $0.31 and 2.34%

for Class A, C

lass C, C

lass R, C

lass Y, Class R

5 and Class R

6shares, respectively.

See accompanying N

otes to Financial Statements w

hich are an integral part of the financial statements.

11 Invesco Global R

eal Estate Fund

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Page 1 of 1


NOTE 1—Significant Accounting Policies

Invesco Global Real Estate Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment SecuritiesFunds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, asamended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares ofbeneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each classwill be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y

shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met.Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are soldwith a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years afterpurchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversionpursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class Cshares.











B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.



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Page 1 of 2Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of

securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination ofnet realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement ofChanges in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights.Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns.These transaction costs are not considered operating expenses and are not reflected in net investment income reported in theStatement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios ofexpenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangementsbetween the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of eachclass.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the followingcategories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timelybasis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. Ifnew or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterizedas capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of therelated investment. These recharacterizations are reflected in the accompanying financial statements.


D. Distributions – Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividenddate. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.







I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Suchloans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lendingprovider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies.Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money marketfunds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment ofcollateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the nextbusiness day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily lessthan the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, includingthe economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and tothe extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly,and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or theFund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon thefailure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market toreplace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities maylose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lendingagent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss onthe collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net ofcompensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value ofsecurities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks andmajor currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) andincome items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates oninvestments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreignexchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the netrealized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains orlosses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates onsecurities transactions, and (3) the difference between the amounts of dividends,





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Page 2 of 2 13 Invesco Global Real Estate Fund

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Page 1 of 1

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received orpaid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other thaninvestments in securities at fiscal period end, resulting from changes in exchange rates.





L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fundmay tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to theperformance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting fromeconomic, legal, cultural or technological developments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social andeconomic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investmentthan more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume andgreater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relativelynew and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities,and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regionaland local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emergingmarkets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets RateFirst $ 250 million 0.750%Next $250 million 0.740%Next $500 million 0.730%Next $1.5 billion 0.720%Next $2.5 billion 0.710%Next $2.5 billion 0.700%Next $2.5 billion 0.690%Over $10 billion 0.680%


Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and InvescoAsset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paidto the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on thepercentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%,respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory feesand/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expensesafter fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales;(4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually paybecause of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. Duringits term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiverswithout approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expenselimit.


For the six months ended August 31, 2021, the Adviser waived advisory fees of $443. 14 Invesco Global Real Estate Fund

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Page 1 of 1The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDIcompensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assetsof Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Planpayments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholderservices to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans wouldconstitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total salescharges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31,2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $5,682 in front-end sales commissions from the sale of Class A shares and $51 and $120 from Class A and Class Cshares, respectively, for CDSC imposed upon redemptions by shareholders.




Level 1 - Prices are determined using quoted prices in an active market for identical assets.Level 2

-


Level 3

-


The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations maynot be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation,the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Level 1 Level 2 Level 3 Total Investments in Securities Australia $ – $ 16,225,306 $– $ 16,225,306 Belgium – 8,868,056 – 8,868,056 Canada 18,635,157 – – 18,635,157 France – 11,839,291 – 11,839,291 Germany – 27,432,795 – 27,432,795 Hong Kong – 23,748,550 – 23,748,550 Italy – 3,237,071 – 3,237,071 Japan – 43,951,545 – 43,951,545 Malta – – 12 12 Singapore – 13,967,574 – 13,967,574 Spain – 6,671,841 – 6,671,841 Sweden – 12,791,336 – 12,791,336 United Kingdom – 23,138,006 – 23,138,006 United States 311,582,944 – – 311,582,944 Money Market Funds – 11,356,350 – 11,356,350

Total Investments $330,218,101 $203,227,721 $12 $533,445,834


The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used bythe transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from thisarrangement, which resulted in the reduction of the Fund’s total expenses of $477. 15 Invesco Global Real Estate Fund

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Page 1 of 1NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of theFund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also includeamounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option toselect various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligibleto participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on thenumber of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits undersuch plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligationsunder the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.NOTE 6—Cash Balances


NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which maydiffer from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (oravailable capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the taxcomponents of net assets will be reported at the Fund’s fiscal year-end.


The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*

Expiration Short-Term Long-Term Total

Not subject to expiration $40,142,885 $5,861,876 $46,004,761

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upona variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, ifany) purchased and sold by the Fund during the six months ended August 31, 2021 was $260,042,789 and $350,281,380, respectively.Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the mostrecently completed federal income tax reporting period-end.





Cost of investments for tax purposes is $449,171,161.

NOTE 9—Share Information


Six months ended Year ended August 31, 2021(a) February 28, 2021 Shares Amount Shares Amount

Sold: Class A 550,871 $ 6,431,016 1,349,484 $ 13,071,621

Class C 39,231 457,134 89,374 913,658

Class R 292,614 3,420,369 858,679 8,250,509 Class Y 624,327 7,128,851 3,660,820 35,900,779

Class R5 1,213,263 14,046,378 2,840,633 28,148,666

Class R6 1,338,455 15,526,886 5,088,501 48,468,462

Issued as reinvestment of dividends: Class A 111,856 1,282,193 482,379 4,790,055

Class C 3,884 44,579 25,955 259,864

Class R 24,864 285,109 98,537 987,130

Class Y 64,265 735,391 343,183 3,376,720

Class R5 149,532 1,699,657 625,118 6,153,843

Class R6 228,396 2,603,967 963,658 9,522,735


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Automatic conversion of Class C shares to Class A shares: Class A 36,266 $ 422,641 263,600 $ 2,643,502

Class C (36,217) (422,641) (263,139) (2,643,502)

Reacquired: Class A (1,235,257) (14,335,711) (4,316,104) (42,918,422)

Class C (48,099) (558,408) (386,968) (3,839,459)

Class R (305,250) (3,569,719) (690,057) (6,930,103)

Class Y (4,116,313) (46,777,547) (7,712,404) (76,281,725)

Class R5 (4,598,770) (54,087,220) (5,981,799) (59,446,874)

Class R6 (2,370,021) (27,560,231) (7,702,425) (77,359,595)

Net increase (decrease) in share activity (8,032,103) $(93,227,306) (10,362,975) $(106,932,136)

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding sharesof the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to theseentities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited toservices such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or anyportion of the shares owned of record by these entities are also owned beneficially.


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Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, togetherwith the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (forexample, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled“Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actualexpense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.




(03/01/21)

ACTUAL

HYPOTHETICAL(5% annual return before

expenses)

Annualized Expense

Ratio


(08/31/21)1


Period2


(08/31/21)


Period2

Class A $1,000.00 $1,164.00 $7.25 $1,018.50 $6.77 1.33%Class C 1,000.00 1,159.60 11.32 1,014.72 10.56 2.08Class R 1,000.00 1,162.70 8.61 1,017.24 8.03 1.58Class Y 1,000.00 1,165.60 5.90 1,019.76 5.50 1.08

Class R5 1,000.00 1,166.00 5.08 1,020.52 4.74 0.93Class R6 1,000.00 1,166.50 4.64 1,020.92 4.33 0.85

1 The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actualexpenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5%before expenses.



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Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, theBoard of Trustees (the Board or theTrustees) of AIM Investment SecuritiesFunds (Invesco Investment SecuritiesFunds) as a whole, and the independentTrustees, who comprise over 75% of theBoard, voting separately, approved thecontinuance of the Invesco Global RealEstate Fund’s (the Fund) MasterInvestment Advisory Agreement withInvesco Advisers, Inc. (Invesco Advisersand the investment advisory agreement)and the Master Intergroup Sub-AdvisoryContract for Mutual Funds with InvescoAsset Management Deutschland GmbH,Invesco Asset Management Limited,Invesco Asset Management (Japan)Limited, Invesco Hong Kong Limited,Invesco Senior Secured Management, Inc.and Invesco Canada Ltd. and separatesub-advisory contracts with InvescoCapital Management LLC and InvescoAsset Management (India) Private Limited(collectively, the Affiliated Sub-Advisersand the sub-advisory contracts) for anotheryear, effective July 1, 2021. Afterevaluating the factors discussed below,among others, the Board approved therenewal of the Fund’s investment advisoryagreement and the sub-advisory contractsand determined that the compensationpayable thereunder by the Fund to InvescoAdvisers and by Invesco Advisers to the

process to ensure they are negotiated in amanner that is at arms’ length andreasonable. In addition to meetings withInvesco Advisers and fund counselthroughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees alsodiscussed the continuance of the investmentadvisory agreement and sub-advisorycontracts in separate sessions with theSenior Officer and with independent legalcounsel.


part of the family of funds under theumbrella of Invesco Ltd., Invesco Advisers’parent company, and noted Invesco Ltd.’sdepth and experience in running aninvestment management business, as wellas its commitment of financial and otherresources to such business. The Boardconcluded that the nature, extent andquality of the services provided to the Fundby Invesco Advisers are appropriate andsatisfactory.






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Affiliated Sub-Advisers is fair andreasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meetregularly with portfolio managers for theirassigned Invesco Funds and othermembers of management to reviewdetailed information about investmentperformance and portfolio attributes ofthese funds. The Board has establishedadditional standing and ad hoc committeesthat meet regularly throughout the year toreview matters within their purview. TheBoard took into account evaluations andreports that it received from its committeesand sub-committees, as well as theinformation provided to the Board and itscommittees and sub-committeesthroughout the year, in consideringwhether to approve each Invesco Fund’sinvestment advisory agreement andsub-advisory contracts.

As part of the contract renewal process,the Board reviews and considersinformation provided in response todetailed requests for information submittedto management by the independentTrustees with assistance from legalcounsel to the independent Trustees. TheBoard receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups providedby Broadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated duringthe annual contract renewal



The Board reviewed the nature, extent andquality of the advisory services provided tothe Fund by Invesco Advisers under theFund’s investment advisory agreement, andthe credentials and experience of theofficers and employees of Invesco Adviserswho provide these services, including theFund’s portfolio manager(s). The Board’sreview included consideration of InvescoAdvisers’ investment process and oversight,credit analysis, and research capabilities.The Board considered information regardingInvesco Advisers’ programs for andresources devoted to risk management,including management of investment,enterprise, operational, liquidity, valuationand compliance risks, and technology usedto manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator ofthe Invesco Funds’ liquidity riskmanagement program. The Board receiveda description of Invesco Advisers’ businesscontinuity plans and of its approach to dataprivacy and cybersecurity, including relatedtesting. The Board considered how thecybersecurity and business continuity plansof Invesco Advisers and its key serviceproviders operated in the increased remoteworking environment resulting from thenovel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisoryservices that Invesco Advisers and itsaffiliates provide to the Invesco Funds, suchas various back office support functions,third party oversight, internal audit,valuation, portfolio trading and legal andcompliance. The Board observed thatInvesco Advisers has been able toeffectively manage, operate and oversee theInvesco Funds through the challengingCOVID-19 pandemic period. The Boardreviewed and considered the benefits toshareholders of investing in a Fund that is

resources and talents of the AffiliatedSub-Advisers in managing the Fund. TheBoard concluded that the nature, extentand quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement as well asthe sub-advisory contracts for the Fund, asInvesco Asset Management Limitedcurrently manages assets of the Fund.

The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theCustom Invesco Global Real Estate Index(Index). The Board noted that performanceof Class A shares of the Fund was in thefifth quintile of its performance universe forthe one, three and five year periods (thefirst quintile being the best performingfunds and the fifth quintile being the worstperforming funds). The Board noted thatperformance of Class A shares of the Fundwas below the performance of the Indexfor the one, three and five year periods.The Board noted that stock selection in theU.S. and the Fund’s exposure to U.S.issuers operating in industries significantlyaffected by the COVID-19 pandemicnegatively impacted the Fund’s relativeperformance. The Board recognized thatthe performance data reflects a snapshotin time as of a particular date and thatselecting a different performance periodcould produce different results. The Boardalso reviewed more recent Fundperformance as well as other performancemetrics, which did not change itsconclusions.C. Advisory and Sub-Advisory Fees and Fund

ExpensesThe Board compared the Fund’scontractual management fee rate to thecontractual management fee rates of fundsin the Fund’s Broadridge expense

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group. The Board noted that thecontractual management fee rate forClass A shares of the Fund was below themedian contractual management fee rateof funds in its expense group. The Boardnoted that the term “contractualmanagement fee” for funds in the expensegroup may include both advisory andcertain non-portfolio managementadministrative services fees, but thatBroadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.


The Board also considered the feescharged by Invesco Advisers and itsaffiliates to other client accounts that aresimilarly managed. Invesco Advisersreviewed with the Board differences in thescope of services it provides to the InvescoFunds relative to that provided by InvescoAdvisers and its affiliates to certain othertypes of client accounts, including, amongothers: management of cash flows as aresult of redemptions and purchases;necessary infrastructure such as officers,office space, technology, legal anddistribution; oversight of service providers;costs and business risks associated withlaunching new funds and sponsoring andmaintaining the product line; andcompliance with federal and state laws andregulations. Invesco Advisers also advisedthe Board that many of the similarlymanaged client accounts have all-inclusivefee structures, which are not easilyun-bundled.

The Board also compared the Fund’seffective advisory fee rate (defined for thispurpose as the advisory fee rate afteradvisory fee waivers and before otherexpense limitations/waivers) to theeffective advisory fee rates of othersimilarly managed third-party mutual fundsadvised or sub-advised by InvescoAdvisers and its affiliates, based on assetbalances as of December 31, 2020.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable by

reduce the Fund’s expense ratio as it growsin size. The Board noted that the Fund alsoshares in economies of scale throughInvesco Advisers’ ability to negotiate lowerfee arrangements with third party serviceproviders. The Board noted that the Fundmay also benefit from economies of scalethrough initial fee setting, fee waivers andexpense reimbursements, as well asInvesco Advisers’ investment in its business,including investments in businessinfrastructure, technology and cybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs of theadvisory and other services that InvescoAdvisers and its affiliates provide to theFund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Board consideredthe methodology used for calculatingprofitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided.The Board noted that Invesco Advisersprovided information demonstrating thatInvesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its

AffiliatesThe Board considered various other benefitsreceived by Invesco Advisers and itsaffiliates from the relationship with the Fund,including the fees received for providingadministrative, transfer agency anddistribution services to the Fund. The Boardreceived comparative information regardingfees charged for these services, includinginformation provided by Broadridge andother independent sources. The Boardreviewed the performance of InvescoAdvisers and its affiliates in providing theseservices and the organizational structureemployed to provide these services. TheBoard noted that these services areprovided to the Fund pursuant to writtencontracts that are reviewed and subject toapproval on an annual basis by the Boardbased on its determination that the servicesare required for the operation of the Fund.

The Board considered the benefitsrealized by Invesco Advisers and the

The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending arrangements maybe invested in registered money marketfunds or, with regard to securities lendingcash collateral, unregistered funds thatcomply with Rule 2a-7 (collectively referredto as “affiliated money market funds”)advised by Invesco Advisers. The Boardconsidered information regarding thereturns of the affiliated money marketfunds relative to comparable overnightinvestments, as well as the fees paid bythe affiliated money market funds toInvesco Advisers and its affiliates. In thisregard, the Board noted that InvescoAdvisers receives advisory fees from theseaffiliated money market funds attributableto the Fund’s investments. The Board alsonoted that Invesco Advisers hascontractually agreed to waive throughvarying periods an amount equal to 100%of the net advisory fee Invesco Advisersreceives from the affiliated money marketfunds with respect to the Fund’sinvestment in the affiliated money marketfunds of uninvested cash, but not cashcollateral. The Board concluded that theadvisory fees payable to Invesco Advisersfrom the Fund’s investment of cashcollateral from any securities lendingarrangements in the affiliated moneymarket funds are for services that are notduplicative of services provided by InvescoAdvisers to the Fund.

The Board also received informationabout commissions that an affiliated brokermay receive for executing certain tradesfor the Fund. Invesco Advisers and theAffiliated Sub-Advisers advised the Boardof the benefits to the Fund of executingtrades through the affiliated broker and thatsuch trades were executed in compliancewith rules under the federal securities lawsand consistent with best executionobligations.





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Invesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts. The Board noted that InvescoAdvisers retains overall responsibility for,and provides services to, sub-advisedInvesco Funds, including oversight of theAffiliated Sub-Advisers as well as theadditional services described herein otherthan day-to-day portfolio management.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefitsfrom economies of scale throughcontractual breakpoints in the Fund’sadvisory fee schedule, which generallyoperate to

realized by Invesco Advisers and theAffiliated Sub-Advisers as a result ofportfolio brokerage transactions executedthrough “soft dollar” arrangements. TheBoard noted that soft dollar arrangementsmay result in the Fund bearing costs topurchase research that may be used byInvesco Advisers or the AffiliatedSub-Advisers with other clients and mayreduce Invesco Advisers’ or the AffiliatedSub-Advisers’ expenses. The Board alsoconsidered that it receives from InvescoAdvisers periodic reports that include arepresentation to the effect that thesearrangements are consistent with regulatoryrequirements. The Board did not deem thesoft dollar arrangements to beinappropriate.

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∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request. Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For thesecond and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. Forthe first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to itsreports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings.Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for theFund are shown below.




SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. GRE-SAR-1

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173173 EDG 1INVESCOGOVERNMENT MONEY MAR


Donnelley Financial ADG pf_rendNone

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Invesco Government Money Market FundNasdaq: Invesco Cash Reserve: AIMXX ∎ A: ADAXX ∎ AX: ACZXX ∎ C: ACNXX ∎ CX: ACXXX∎ R: AIRXX ∎ Y: AIYXX ∎ Investor: INAXX ∎ R6: INVXX

2 Fund Information3 Schedule of Investments7 Financial Statements10 Financial Highlights11 Notes to Financial Statements16 Fund Expenses17 Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more completeinformation, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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Fund InformationYou could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it

cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to theFund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risksassociated with an investment in the Fund.

Team managed by Invesco Advisers, Inc. 2 Invesco Government Money Market Fund

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Interest

Rate Maturity

Date

PrincipalAmount

(000) Value U.S. Treasury Securities-28.57% U.S. Treasury Bills-5.56%(a) U.S. Treasury Bills 0.03% 09/16/2021 $ 20,000 $ 19,999,792 U.S. Treasury Bills 0.05% 11/02/2021 28,624 28,621,035 U.S. Treasury Bills 0.11% 12/30/2021 5,000 4,998,167 U.S. Treasury Bills 0.06% 02/03/2022 35,000 34,991,712 U.S. Treasury Bills 0.05% 02/17/2022 15,000 14,996,479 U.S. Treasury Bills 0.07% 02/24/2022 25,000 24,991,444 U.S. Treasury Bills 0.07% 06/16/2022 10,000 9,994,400 U.S. Treasury Bills 0.08% 07/14/2022 15,000 14,990,125 U.S. Treasury Bills 0.08% 08/11/2022 17,000 16,987,004 170,570,158

U.S. Treasury Notes-23.01% U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +

0.30%)(b) 0.35% 10/31/2021 41,000 41,005,665 U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +







0.03%)(b) 0.07% 07/31/2023 54,000 54,001,666 U.S. Treasury Notes 1.75% 11/30/2021 25,000 25,102,754 U.S. Treasury Notes 1.88% 11/30/2021 9,000 9,040,281 U.S. Treasury Notes 2.50% 01/15/2022 14,100 14,227,037 U.S. Treasury Notes 1.38% 01/31/2022 6,000 6,032,492 U.S. Treasury Notes 1.50% 01/31/2022 163,800 164,769,144 U.S. Treasury Notes 1.88% 01/31/2022 10,000 10,074,357 U.S. Treasury Notes 2.00% 02/15/2022 10,000 10,088,076 U.S. Treasury Notes 1.75% 02/28/2022 60,000 60,496,416 U.S. Treasury Notes 1.88% 02/28/2022 36,000 36,321,800 U.S. Treasury Notes 1.75% 04/30/2022 10,000 10,111,209 U.S. Treasury Notes 1.88% 04/30/2022 65,000 65,777,258 U.S. Treasury Notes 2.13% 05/15/2022 5,000 5,072,131 U.S. Treasury Notes 2.00% 07/31/2022 10,000 10,174,218 706,306,472

Total U.S. Treasury Securities (Cost $876,876,630) 876,876,630

U.S. Government Sponsored Agency Securities-15.77% Federal Farm Credit Bank (FFCB)-6.51% Federal Farm Credit Bank (SOFR + 0.05%)(b) 0.10% 10/05/2021 40,000 39,999,811 Federal Farm Credit Bank 1.63% 12/27/2021 10,550 10,602,945 Federal Farm Credit Bank (SOFR + 0.08%)(b) 0.13% 03/10/2022 4,000 4,000,000 Federal Farm Credit Bank (SOFR + 0.09%)(b) 0.14% 06/17/2022 10,000 10,000,000 Federal Farm Credit Bank (SOFR + 0.04%)(b) 0.09% 07/11/2022 15,000 14,998,911 Federal Farm Credit Bank (SOFR + 0.15%)(b) 0.20% 07/28/2022 6,000 6,000,000 Federal Farm Credit Bank (SOFR + 0.07%)(b) 0.12% 08/11/2022 20,000 19,999,995 Federal Farm Credit Bank (SOFR + 0.04%)(b) 0.09% 08/22/2022 10,000 9,999,753 Federal Farm Credit Bank (SOFR + 0.08%)(b) 0.13% 10/14/2022 16,000 16,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements. 3 Invesco Government Money Market Fund

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Interest

Rate Maturity

Date

PrincipalAmount

(000) Value Federal Farm Credit Bank (FFCB)-(continued) Federal Farm Credit Bank (SOFR + 0.01%)(b) 0.06% 11/16/2022 $ 10,000 $ 9,999,755 Federal Farm Credit Bank (SOFR + 0.07%)(b) 0.12% 11/18/2022 8,000 8,000,000 Federal Farm Credit Bank (SOFR + 0.06%)(b) 0.11% 12/01/2022 14,000 14,000,000 Federal Farm Credit Bank (SOFR + 0.06%)(b) 0.11% 01/20/2023 16,000 16,000,000 Federal Farm Credit Bank (SOFR + 0.06%)(b) 0.11% 02/09/2023 12,000 12,000,000 Federal Farm Credit Bank (SOFR + 0.03%)(b) 0.08% 07/07/2023 8,000 8,000,000 199,601,170

Federal Home Loan Bank (FHLB)-5.96% Federal Home Loan Bank (SOFR + 0.02%)(b) 0.07% 09/02/2021 30,000 30,000,000 Federal Home Loan Bank (SOFR + 0.09%)(b) 0.13% 09/10/2021 5,000 5,000,000 Federal Home Loan Bank 0.04% 09/29/2021 20,000 19,999,912 Federal Home Loan Bank (SOFR + 0.15%)(b) 0.20% 11/15/2021 3,000 3,000,000 Federal Home Loan Bank 0.05% 03/17/2022 15,000 14,999,134 Federal Home Loan Bank (SOFR + 0.07%)(b) 0.12% 04/28/2022 20,000 20,000,000 Federal Home Loan Bank (SOFR + 0.13%)(b) 0.18% 08/05/2022 5,000 5,000,000 Federal Home Loan Bank (SOFR + 0.09%)(b) 0.14% 08/19/2022 35,000 35,000,972 Federal Home Loan Bank (SOFR + 0.09%)(b) 0.14% 09/08/2022 10,000 10,000,000 Federal Home Loan Bank (SOFR + 0.09%)(b) 0.14% 10/05/2022 20,000 20,000,000 Federal Home Loan Bank (SOFR + 0.06%)(b) 0.11% 12/08/2022 10,000 10,000,000 Federal Home Loan Bank (SOFR + 0.04%)(b) 0.09% 05/19/2023 5,000 5,000,000 Federal Home Loan Bank (SOFR + 0.03%)(b) 0.08% 06/07/2023 5,000 5,000,000 183,000,018

Federal Home Loan Mortgage Corp. (FHLMC)-1.66% Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(b) 0.37% 09/30/2021 10,000 10,000,000 Federal Home Loan Mortgage Corp. (SOFR + 0.07%)(b) 0.12% 08/12/2022 26,000 26,000,000 Federal Home Loan Mortgage Corp. (SOFR + 0.09%)(b) 0.14% 09/16/2022 15,000 15,000,000 51,000,000

Federal National Mortgage Association (FNMA)-0.93% Federal National Mortgage Association (SOFR + 0.30%)(b) 0.35% 01/07/2022 17,000 17,000,000 Federal National Mortgage Association 2.25% 04/12/2022 6,535 6,622,045 Federal National Mortgage Association (SOFR + 0.20%)(b) 0.25% 06/15/2022 5,000 5,000,000 28,622,045

U.S. International Development Finance Corp. (DFC)-0.71% U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S.

Treasury Bill Rate)(c) 0.09% 09/10/2021 7,263 7,262,600 U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S.



Treasury Bill Rate)(c) 0.09% 02/15/2028 7,222 7,222,222 21,684,822

Total U.S. Government Sponsored Agency Securities(Cost $483,908,055) 483,908,055

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.34%(Cost $1,360,784,685)

1,360,784,685

Repurchase

Amount

Repurchase Agreements-55.70%(d) BNP Paribas Securities Corp., joint term agreement dated 08/26/2021,

aggregate maturing value of $500,004,861 (collateralized by U.S.Treasury obligations, domestic agency mortgage-backed securitiesand U.S. government sponsored agency obligations valued at$510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)(e) 0.05% 09/02/2021 40,000,389 40,000,000

BofA Securities, Inc., joint agreement dated 08/31/2021, aggregatematuring value of $895,001,243 (collateralized by domestic agencymortgage-backed securities valued at $912,900,000; 1.50% - 6.00%;05/01/2025 - 08/01/2059) 0.05% 09/01/2021 153,000,213 153,000,000

Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreementdated 08/31/2021, aggregate maturing value of $1,500,002,292(collateralized by U.S. Treasury obligations valued at $1,531,508,107;0.63% - 3.00%; 09/30/2021 - 08/15/2030) 0.06% 09/01/2021 165,000,252 165,000,000


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Interest

Rate Maturity

Date Repurchase

Amount Value Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint

agreement dated 08/31/2021, aggregate maturing value of$1,250,001,736 (collateralized by U.S. Treasury obligations valued at$1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041) 0.05% 09/01/2021 $155,000,215 $ 155,000,000

Goldman Sachs & Co., term agreement dated 08/26/2021, maturing valueof $40,000,428 (collateralized by domestic agency mortgage-backedsecurities and a U.S. Treasury obligation valued at $40,800,000;0.00% - 4.50%; 11/15/2028 - 10/20/2050)(e) 0.06% 09/02/2021 40,000,428 40,000,000

ING Financial Markets, LLC, joint agreement dated 08/31/2021, aggregatematuring value of $200,000,278 (collateralized by domestic agencymortgage-backed securities valued at $204,000,000; 2.00% - 5.50%;11/01/2029 - 02/15/2061) 0.05% 09/01/2021 153,000,213 153,000,000

ING Financial Markets, LLC, joint term agreement dated 08/06/2021,aggregate maturing value of $350,022,118 (collateralized by domesticagency mortgage-backed securities valued at $357,000,000;1.50% - 6.00%; 06/01/2027 - 05/01/2058) 0.07% 09/10/2021 10,000,632 10,000,000

ING Financial Markets, LLC, joint term agreement dated 08/26/2021,aggregate maturing value of $350,018,667 (collateralized by domesticagency mortgage-backed securities valued at $357,000,000; 1.50% -5.50%; 10/01/2038 - 01/01/2057) 0.06% 09/27/2021 40,002,133 40,000,000

J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregatematuring value of $500,000,694 (collateralized by domestic agencymortgage-backed securities valued at $510,000,000; 1.50% - 7.50%;07/01/2025 - 09/01/2051) 0.05% 09/01/2021 153,000,213 153,000,000

J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020(collateralized by U.S. Treasury obligations valued at $867,000,167;0.00% - 1.88%; 09/16/2021 -07/31/2023)(f) 0.05% 09/01/2021 15,000,625 15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021(collateralized by domestic agency mortgage-backed securities and aU.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%;02/28/2023 - 09/01/2051)(f) 0.07% 09/01/2021 15,000,875 15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021(collateralized by domestic agency mortgage-backed securities and U.S.Treasury obligations valued at $255,000,016; 0.00% - 7.63%;09/16/2021 - 04/01/2056)(f) 0.06% 09/01/2021 15,000,750 15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019(collateralized by domestic agency mortgage-backed securities and aU.S. Treasury obligation valued at $408,000,049; 0.00% - 7.50%;04/30/2026 - 03/25/2060)(f) 0.07% 09/01/2021 25,001,458 25,000,000

Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021,aggregate maturing value of $350,013,001 (collateralized by U.S.Treasury obligations valued at $356,159,795; 0.00% - 0.13%;08/31/2022 - 11/15/2045)(e) 0.07% 09/01/2021 25,004,459 25,004,119

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021,aggregate maturing value of $500,000,764 (collateralized by domesticagency mortgage-backed securities valued at $510,000,000;0.39% - 4.50%; 01/25/2024 - 05/20/2069) 0.06% 09/01/2021 153,000,234 153,000,000

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated08/25/2021, aggregate maturing value of $1,000,513,618 (collateralizedby U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%;02/28/2025 - 02/15/2030)(e) 0.07% 09/01/2021 60,300,821 60,300,000

RBC Capital Markets LLC, joint term agreement dated 08/31/2021,aggregate maturing value of $750,000,000 (collateralized by U.S.Treasury obligations, domestic agency mortgage-backed securities andU.S. government sponsored agency obligations valued at $765,000,159;0.00% - 8.15%; 09/14/2021 - 08/20/2065)(b)(e) 0.09% 11/01/2021 35,000,000 35,000,000

RBC Dominion Securities Inc., joint agreement dated 08/31/2021,aggregate maturing value of $2,000,002,778 (collateralized by U.S.Treasury obligations and domestic agency mortgage-backed securitiesvalued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 -08/01/2051) 0.05% 09/01/2021 153,000,213 153,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralizedby U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%;09/09/2021 - 08/15/2051)(f) 0.05% 09/01/2021 15,000,021 15,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregatematuring value of $750,007,292 (collateralized by U.S. Treasuryobligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 -08/15/2050)(e) 0.05% 09/07/2021 5,000,049 5,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021,aggregate maturing value of $1,150,001,917 (collateralized by domesticagency mortgage-backed securities valued at $1,173,000,000;3.00% - 4.00%; 08/20/2042 - 12/20/2049) 0.06% 09/01/2021 131,254,257 131,254,038

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregatematuring value of $500,000,833 (collateralized by domestic agencymortgage-backed securities valued at $510,000,000; 2.00% - 4.50%;01/01/2031 - 08/01/2051) 0.06% 09/01/2021 153,000,255 153,000,000

Total Repurchase Agreements(Cost $1,709,558,157) 1,709,558,157

TOTAL INVESTMENTS IN SECURITIES(g)-100.04%(Cost $3,070,342,842) 3,070,342,842


NET ASSETS-100.00% $3,069,152,903





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Page 1 of 1Investment Abbreviations:

SOFR -Secured Overnight Financing RateVRD -Variable Rate Demand


(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(b) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(c) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is

redetermined periodically based on current market interest rates. Rate shown is the rate in effect on August 31, 2021.(d) Principal amount equals value at period end. See Note 1I.(e) The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing

of the demand.(f) Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically.

The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.(g) Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*In days, as of 08/31/2021 1-7 55.7% 8-30 3.4 31-60 1.3 61-90 2.4 91-180 11.8 181+ 25.4

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.


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Assets: Investments in unaffiliated securities,

excluding repurchase agreements, at valueand cost $1,360,784,685

Repurchase agreements, at value and cost 1,709,558,157

Receivable for: Fund shares sold 4,644,702

Interest 1,632,240






Amount due custodian 450,001

Dividends 172



Accrued operating expenses 49,150





Distributable earnings 168,264

$3,069,152,903

Net Assets: Invesco Cash Reserve $2,200,845,723 Class A $ 340,048,454

Class AX $ 72,494,213

Class C $ 121,457,820

Class CX $ 347,536

Class R $ 160,136,726

Class Y $ 64,091,505

Investor Class $ 109,626,199

Class R6 $ 104,727

Shares outstanding, no par value, unlimitednumber of shares authorized:

Invesco Cash Reserve 2,200,955,888

Class A 340,065,677

Class AX 72,497,929

Class C 121,463,910

Class CX 347,554

Class R 160,144,752

Class Y 64,094,640

Investor Class 109,631,685

Class R6 104,732

Net asset value and offering price per share foreach class $ 1.00

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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Interest $ 1,120,296




Distribution fees: Invesco Cash Reserve 1,787,101

Class A 368,310

Class AX 55,756

Class C 489,972

Class CX 1,635

Class R 340,699

Transfer agent fees - Invesco Cash Reserve, A, AX, C, CX, R, Y and Investor 2,589,163

Transfer agent fees - R6 45





Other 52,610


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) (8,241,268)


Net investment income 111,862

Net realized gain from unaffiliated investment securities 10,753

Net increase in net assets resulting from operations $ 122,615


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Operations: Net investment income $ 111,862 $ 1,864,288

Net realized gain 10,753 46,199

Net increase in net assets resulting from operations 122,615 1,910,487

Distributions to shareholders from distributable earnings: Invesco Cash Reserve (81,964) (1,600,645)

Class A (11,922) (31,795)

Class AX (2,212) (46,020)

Class C (4,294) (17,050)

Class CX (11) (75)

Class R (5,834) (24,046)

Class Y (2,271) (44,686)

Investor Class (3,349) (99,944)

Class R6 (5) (27)

Total distributions from distributable earnings (111,862) (1,864,288)

Share transactions-net: Invesco Cash Reserve (498,620,052) 293,307,446

Class A (61,182,207) 401,127,580

Class AX (1,506,949) (2,164,991)

Class C (22,874,039) 100,829,760

Class CX (21,730) (137,291)

Class R (22,921,013) 150,735,224

Class Y 8,279,183 13,129,184

Investor Class (5,039,359) 3,462,654

Class R6 (22,745) 107,237

Net increase (decrease) in net assets resulting from share transactions (603,908,911) 960,396,803

Net increase (decrease) in net assets (603,898,158) 960,443,002


End of period $3,069,152,903 $3,673,051,061


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7*ESS 0C

ADGP64RS2921.10.7.0


(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains


(realized)

Total frominvestm

entoperations

Dividends

from net

investment

income

Net asset

value, endof period

Total

return(b)

Net assets,


itted)

Ratio of


with fee w

aiversand/or expenses

absorbed

Ratio of


ithoutfee w

aiversand/or expenses

absorbed

Ratio of net

investment

income

(loss)to averagenet assets

Invesco Cash R

eserve


$1.00

$0.00

$(0.00) (c)

$

0.00

$(0.00)

$1.00

0.00%

$2,200,846

0.06%(d)

0.53%

(d)

0.01%(d)

Year ended 02/28/21

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.06

2,699,457

0.23

0.50

0.05

Year ended 02/29/20

1.00

0.02

0.00

0.02

(0.02)

1.00

1.61

2,406,243

0.51

0.51

1.55Year ended 02/28/19

1.00

0.02

(0.00)

0.02

(0.02)

1.00

1.50

1,299,414

0.58

0.58

1.52Year ended 02/28/18

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.40

815,631

0.68

0.68

0.39

Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.06

841,039

0.43

0.68

0.06

Class A

Six m


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

340,048

0.06 (d)

0.58 (d)

0.01 (d) Period ended 02/28/21 (e)

1.00

0.00

(0.00)

(0.00)

(0.00)

1.00

0.01

401,229

0.20 (d)

0.54 (d)

0.08 (d) C

lass AX

Six m


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

72,494

0.06 (d)

0.53 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.06

74,001

0.23

0.50

0.05

Year ended 02/29/20

1.00

0.02

0.00

0.02

(0.02)

1.00

1.61

76,169

0.51

0.51

1.55

Year ended 02/28/19

1.00

0.02

(0.00)

0.02

(0.02)

1.00

1.50

81,110

0.58

0.58

1.52Year ended 02/28/18

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.40

91,906

0.68

0.68

0.39

Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.06

102,748

0.43

0.68

0.06

Class C

Six m


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

121,458

0.06 (d)

1.13 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.02

144,331

0.23

1.11

0.05

Year ended 02/29/20

1.00

0.01

0.00

0.01

(0.01)

1.00

0.85

43,478

1.26

1.26

0.80

Year ended 02/28/19

1.00

0.01

(0.00)

0.01

(0.01)

1.00

0.76

38,700

1.31

1.33

0.79Year ended 02/28/18

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.27

65,411

0.81

1.43

0.26

Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.05

88,605

0.43

1.43

0.06

Class C

X


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

348

0.06 (d)

1.28 (d)

0.01 (d)

Year ended 02/28/21

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.02

369

0.29

1.25

(0.01)Year ended 02/29/20

1.00

0.01

0.00

0.01

(0.01)

1.00

0.85

507

1.26

1.26

0.80Year ended 02/28/19

1.00

0.01

(0.00)

0.01

(0.01)

1.00

0.77

669

1.31

1.33

0.79

Year ended 02/28/18

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.27

4,114

0.81

1.43

0.26Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.05

4,959

0.43

1.43

0.06C

lass R


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

160,137

0.06 (d)

0.78 (d)

0.01 (d)

Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

1.00

0.04

183,057

0.22

0.74

0.06

Year ended 02/29/20

1.00

0.01

0.00

0.01

(0.01)

1.00

1.35

32,297

0.76

0.76

1.30

Year ended 02/28/19

1.00

0.01

(0.00)

0.01

(0.01)

1.00

1.25

25,871

0.83

0.83

1.27Year ended 02/28/18

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.27

27,387

0.80

0.93

0.27

Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.05

34,794

0.43

0.93

0.06

Class Y

Six m


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

64,092

0.06 (d)

0.38 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

1.00

0.08

55,813

0.21

0.35

0.07Year ended 02/29/20

1.00

0.02

0.00

0.02

(0.02)

1.00

1.76

42,686

0.36

0.36

1.70Year ended 02/28/19

1.00

0.02

(0.00)

0.02

(0.02)

1.00

1.65

34,105

0.43

0.43

1.67

Year ended 02/28/18

1.00

0.01

(0.00)

0.01

(0.01)

1.00

0.55

30,080

0.53

0.53

0.54Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.09

27,738

0.40

0.53

0.09Investor C

lass





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1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

109,626

0.06 (d)

0.38 (d)

0.01 (d)

Year ended 02/28/21

1.00

0.00

(0.00)

0.00

(0.00)

1.00

0.08

114,665

0.21

0.35

0.07Year ended 02/29/20

1.00

0.02

0.00

0.02

(0.02)

1.00

1.76

111,208

0.36

0.36

1.70Year ended 02/28/19

1.00

0.02

(0.00)

0.02

(0.02)

1.00

1.65

125,886

0.43

0.43

1.67

Year ended 02/28/18

1.00

0.01

(0.00)

0.01

(0.01)

1.00

0.55

117,630

0.53

0.53

0.54Year ended 02/28/17

1.00

0.00

0.00

0.00

(0.00)

1.00

0.09

123,466

0.40

0.53

0.09C

lass R6

Six m


1.00

0.00

(0.00) (c)

0.00

(0.00)

1.00

0.00

105

0.06 (d)

0.30 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

1.00

0.10

127

0.18

0.31

0.10Year ended 02/29/20

1.00

0.02

0.00

0.02

(0.02)

1.00

1.81

20

0.32

0.32

1.74Year ended 02/28/19

1.00

0.02

(0.00)

0.02

(0.02)

1.00

1.80

12

0.36

0.38

1.74

Period ended 02/28/18 (f)

1.00

0.01

(0.00)

0.01

(0.01)

1.00

0.69

10

0.37 (d)

0.37 (d)

0.70 (d) (a)

Calculated using average shares outstanding.

(b) Includes adjustm

ents in accordance with accounting principles generally accepted in the U

nited States of America.

(c) N

et gains (losses) on securities (both realized and unrealized) per share may not correlate w

ith the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating m

arket values of the Fund’sinvestm

ents.(d)

Annualized.(e)

Com

mencem

ent date of May 15, 2020.

(f)C

omm

encement date of April 04, 2017.

See accompanying N



10

Invesco Governm

ent Money M

arket Fund

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Invesco Government Money Market Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco InvestmentSecurities Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficialinterest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will bevoted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.The Fund currently consists of nine different classes of shares: Invesco Cash Reserve, Class A , Class AX, Class C, Class CX, Class R,

Class Y, Investor Class and Class R6. Class A, Class AX and Class CX shares are closed to new investors. Class Y and InvestorClass shares are available only to certain investors. Class C and Class CX shares are sold with a contingent deferred sales charges(“CDSC”). Invesco Cash Reserve, Class A, Class AX, Class R, Class Y, Investor Class and Class R6 shares are sold at net asset value.Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the sameFund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the monthfollowing the eighth anniversary after a purchase of Class C shares.


The Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constantNAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fullyby cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gaterequirement at this time, as permitted by Rule 2a-7.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by

Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constantamortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from thevalue received upon actual sale of those investments.


B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable.


Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis ofsecurities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination ofnet realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assetsand the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculationof the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not consideredoperating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement ofChanges in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in theFinancial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized capital gains and losses to a class based on the relative net assets of each class. The Fund allocatesincome to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments,the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors.These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, thecountry in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’ssecurities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country inwhich the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of thecollateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States ofAmerica, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realizedcapital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded inthe financial statements.



F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class.Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged tosuch class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classesare allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relativenet assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportingperiod including estimates and assumptions related to taxation. Actual

11 Invesco Government Money Market Fund

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results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions thatmay occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust isindemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal courseof business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses.The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made againstthe Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including theFund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchaseagreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked tomarket daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in somerepurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds,private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Jointrepurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of arepurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expensesin enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level ofsupport they receive from the government. The government may choose not to provide financial support to government sponsoredagencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able torecover its investment in such issuer from the U.S. Government.

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.


NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under theterms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annualrate of 0.15% of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH,Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the feespaid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund basedon the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2021, the Adviser has contractually agreed, through at least, June 30, 2022, to waive advisory fees and/or reimburseexpenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excludingcertain items discussed below) of Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class andClass R6 shares to 1.40%, 1.45%, 1.40%, 2.00%, 2.15%, 1.65%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily netassets (the “expense limits”). Prior to July 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expensesto the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Invesco CashReserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.25%, 1.40%, 1.25%,2.15%, 1.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation towaive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annualoperating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes;(3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fundhas incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it willterminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits orreduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses duringthe period under these expense limits.

Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase theFund’s yield. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board ofTrustees without further notice to investors.

For the six months ended August 31, 2021, Invesco voluntarily waived advisory fees of $2,479,429, reimbursed Fund level expenses of$129,155 and reimbursed class level expenses of $3,866,335, $405,999, $113,979, $259,092, $1,920, $ 243,769, $51,795, $88,370 and$45 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares, respectively,in order to increase the yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to payInvesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021,expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco hasentered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fundaccountant and provides certain administrative services to the Fund.


The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class A,Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant toRule 12b-1 under the 1940 Act with respect to the Fund’s Invesco Cash Reserve, Class A, Class AX, Class C, Class CX and Class Rshares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the Fund’saverage daily net assets of Invesco Cash Reserve shares, 0.75% of the Fund’s average daily net assets of Class C shares and 0.40% ofthe Fund’s average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expensesincurred for the period, up to a maximum annual rate of 0.20% of the Fund’s average daily net assets of Class A shares, up to a maximumannual rate of 0.15% of the Fund’s average daily net assets of Class AX shares and up to a maximum annual rate of 0.90% of the averagedaily net assets of Class CX shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average dailynet assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and ownshares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of theFinancial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that maybe paid by any class of shares of the Fund. Effective May 15, 2020, IDI contractually agreed, through at least June 30, 2021, to limit 12b-1fees to 0.00% of average daily net assets for Class A, Class C and Class R shares. Expenses before fee waivers under this agreement areshown as Distribution fees in the Statement of Operations For the the six 12 Invesco Government Money Market Fund

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Page 1 of 1months ended August 31, 2021, expenses incurred after combined contractual waivers and voluntary yield waivers and reimbursementswere $0, $0, $0, $0, $0 and $0 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, and Class R shares, respectively.

CDSC are not recorded as expenses of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder.During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $886, $277, $7,683 and $0 from Invesco CashReserve, Class A, Class C and Class CX shares, respectively, for CDSC imposed on redemptions by shareholders.



GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level: Level 1 - Prices are determined using quoted prices in an active market for identical assets. Level 2 -


Level 3 -


As of August 31, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments forsecurity categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investingin those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differfrom the value received upon actual sale of those investments.


The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used bythe transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from thisarrangement, which resulted in the reduction of the Fund’s total expenses of $70.


Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of theFund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also includeamounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option toselect various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligibleto participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on thenumber of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits undersuch plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligationsunder the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Suchbalances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. Tocompensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in theaccount so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at arate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.




The Fund did not have any capital loss carryforward as of February 28, 2021. 13 Invesco Government Money Market Fund

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Page 1 of 1NOTE 8–Share Information





Sold: Invesco Cash Reserve 651,449,698 $ 651,449,698 3,427,519,770 $ 3,427,519,770

Class A(b) 39,016,272 39,016,272 134,655,336 134,655,336

Class AX 5,793,792 5,793,792 13,358,152 13,358,152

Class C 29,275,995 29,275,995 160,645,349 160,645,349

Class CX 10,599 10,599 69,393 69,393

Class R 32,604,566 32,604,566 126,016,149 126,016,149

Class Y 33,348,907 33,348,907 72,123,028 72,123,028

Investor Class 13,081,329 13,081,329 63,786,957 63,786,957

Class R6 34,673 34,673 64,249 64,249

Issued as reinvestment of dividends: Invesco Cash Reserve 81,964 81,964 1,600,523 1,600,523

Class A 11,618 11,618 23,660 23,660

Class AX 2,116 2,116 43,927 43,927

Class C 4,294 4,294 17,050 17,050

Class CX 7 7 56 56

Class R 5,834 5,834 24,046 24,046

Class Y 2,271 2,271 44,686 44,686

Investor Class 3,349 3,349 99,944 99,944

Class R6 3 3 15 15

Automatic Conversion of Class C and CX shares toInvesco Cash Reserve shares: Invesco Cash Reserve 248,332 248,332 29,351,146 29,351,146

Class C (248,332) (248,332) (29,199,920) (29,199,920)

Class CX - - (151,226) (151,226)

Issued in connection with acquisitions:(c) Class A - - 451,606,343 451,486,039

Class C - - 110,567,396 110,537,809

Class R - - 127,042,511 127,008,626

Class Y - - 358,538 358,442

Class R6 - - 101,127 101,102

Reacquired: Invesco Cash Reserve (1,150,400,046) (1,150,400,046) (3,165,163,993) (3,165,163,993)

Class A (100,210,097) (100,210,097) (185,037,455) (185,037,455)

Class AX (7,302,857) (7,302,857) (15,567,070) (15,567,070)

Class C (51,905,996) (51,905,996) (141,170,528) (141,170,528)

Class CX (32,336) (32,336) (55,514) (55,514)

Class R (55,531,413) (55,531,413) (102,313,597) (102,313,597)

Class Y (25,071,995) (25,071,995) (59,396,972) (59,396,972)

Investor Class (18,124,037) (18,124,037) (60,424,247) (60,424,247)

Class R6 (57,421) (57,421) (58,129) (58,129)

Net increase in share activity (603,908,911) $ (603,908,911) 960,580,700 $ 960,396,803


(b) Commencement date of May 15, 2020. 14 Invesco Government Money Market Fund

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Page 1 of 1(c) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Government Cash Reserves

Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. Thereorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition wasaccomplished by a tax-free exchange of 689,675,915 shares of the Fund for 689,675,915 shares outstanding of the Target Fund as ofthe close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based onthe relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The TargetFund’s net assets as of the close of business on May 15, 2020 of $689,492,018, including $0 of unrealized appreciation (depreciation),were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,297,363,876 and$3,986,855,894 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed onMarch 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income $2,070,178

Net realized gain from investment securities 55,136


As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it isnot practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement ofOperations since May 16, 2020.


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Calculating your ongoing Fund expensesExampleAs a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchasepayments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distributionand/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on aninvestment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses






Class

BeginningAccount Value

(03/01/21)

ACTUAL HYPOTHETICAL

(5% annual return before expenses)

AnnualizedExpense

Ratio

EndingAccount Value

(08/31/21)1

ExpensesPaid During

Period

EndingAccount Value

(08/31/21)

ExpensesPaid During

PeriodInvesco Cash Reserve $1,000.00 $1,000.04 $0.30 $1,024.90 $0.31 0.06%

A 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06AX 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06C 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06

CX 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06R 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06Y 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06

Investor 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06R6 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06



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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoGovernment Money Market Fund’s (the Fund)Master Investment Advisory Agreement withInvesco Advisers, Inc. (Invesco Advisers andthe investment advisory agreement) and theMaster Intergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determined thatthe compensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts.

As part of the contract renewal process,the Board reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal process to ensurethey are negotiated in a manner that is atarms’ length and reasonable. In addition tomeetings with Invesco Advisers and fundcounsel

throughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees also discussedthe continuance of the investment advisoryagreement and sub-advisory contracts inseparate sessions with the Senior Officer andwith independent legal counsel.

The discussion below is a summary of theSenior Officer’s independent written evaluationwith respect to the Fund’s investment advisoryagreement and sub-advisory contracts, as wellas a discussion of the material factors andrelated conclusions that formed the basis forthe Board’s approval of the Fund’s investmentadvisory agreement and sub-advisorycontracts. The Trustees’ review andconclusions are based on the comprehensiveconsideration of all information presented tothem during the course of the year and in prioryears and are not the result of any singledeterminative factor. Moreover, one Trusteemay have weighed a particular piece ofinformation or factor differently than anotherTrustee. The information received andconsidered by the Board was current as ofvarious dates prior to the Board’s approval onJune 10, 2021.Factors and Conclusions and Summary ofIndependent Written Fee EvaluationA. Nature, Extent and Quality of Services


The Board reviewed the nature, extent andquality of the advisory services provided to theFund by Invesco Advisers under the Fund’sinvestment advisory agreement, and thecredentials and experience of the officers andemployees of Invesco Advisers who providethese services, including the Fund’s portfoliomanager(s). The Board’s review includedconsideration of Invesco Advisers’ investmentprocess and oversight, credit analysis, andresearch capabilities. The Board consideredinformation regarding Invesco Advisers’programs for and resources devoted to riskmanagement, including management ofinvestment, enterprise, operational, liquidity,valuation and compliance risks, and technologyused to manage such risks. The Boardreceived a description of Invesco Advisers’business continuity plans and of its approachto data privacy and cybersecurity, includingrelated testing. The Board considered how thecybersecurity and business continuity plans ofInvesco Advisers and its key service providersoperated in the increased remote workingenvironment resulting from the novelcoronavirus (“COVID-19”) pandemic.The Boardalso considered non-advisory services thatInvesco Advisers and its affiliates provide tothe Invesco Funds such as various back officesupport functions, third party oversight, internalaudit, valuation, portfolio trading and legal andcompliance. The Board observed that InvescoAdvisers has been able to effectively manage,operate and oversee the Invesco Fundsthrough the challenging COVID-19 pandemicperiod. The Board reviewed and consideredthe benefits to shareholders of investing in aFund that is part of the family of funds underthe umbrella of Invesco Ltd., Invesco Advisers’parent company, and noted Invesco Ltd.’sdepth and experience in running an investmentmanagement business, as well as itscommitment of financial and other resources tosuch business. The Board concluded that thenature,

extent and quality of the services provided tothe Fund by Invesco Advisers are appropriateand satisfactory.

The Board reviewed the services that maybe provided by the Affiliated Sub-Advisersunder the sub-advisory contracts and thecredentials and experience of the officers andemployees of the Affiliated Sub-Advisers whoprovide these services. The Board noted theAffiliated Sub-Advisers’ expertise with respectto certain asset classes and that the AffiliatedSub-Advisers have offices and personnel thatare located in financial centers around theworld. As a result, the Board noted that theAffiliated Sub-Advisers can provide researchand investment analysis on the markets andeconomies of various countries in which theFund may invest, make recommendationsregarding securities and assist with securitytrades. The Board concluded that thesub-advisory contracts may benefit the Fundand its shareholders by permitting InvescoAdvisers to use the resources and talents ofthe Affiliated Sub-Advisers in managing theFund. The Board concluded that the nature,extent and quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement. The Boarddid not view Fund investment performance asa relevant factor in considering whether toapprove the sub-advisory contracts for theFund, as no Affiliated Sub-Adviser currentlymanages assets of the Fund.

The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against the U.S. 3Month Treasury Bill Index (Index). The Boardnoted that performance of Cash Reserveshares of the Fund was in the second quintileof its performance universe for the one yearperiod and the third quintile for the three andfive year periods (the first quintile being thebest performing funds and the fifth quintilebeing the worst performing funds). The Boardnoted that performance of Cash Reserveshares of the Fund was below theperformance of the Index for the one, threeand five year periods. The Board recognizedthat the performance data reflects a snapshotin time as of a particular date and thatselecting a different performance period couldproduce different results. The Board alsoreviewed more recent Fund performance aswell as other performance metrics, which didnot change its conclusions.C. Advisory and Sub-Advisory Fees and Fund

ExpensesThe Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual management fee rate forCash Reserve shares of the Fund wasreasonably comparable to the mediancontractual management fee rate of funds inits expense group. The Board noted that theterm “contractual management fee” for fundsin the expense group may include bothadvisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provide

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information on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information, whichincludes using each fund’s contractualmanagement fee schedule (including anyapplicable breakpoints) as reported in themost recent prospectus or statement ofadditional information for each fund in theexpense group. The Board also consideredcomparative information regarding the Fund’stotal expense ratio and its variouscomponents. The Board noted that theFund’s total expense ratio was in the fifthquintile of its expense group and discussedwith management reasons for such relativetotal expenses. The Board also noted that theFund’s total expense ratio is as of the fiscalyear end of February 28, 2020 and does notreflect additional voluntary waivers tomaintain a positive yield subsequent to suchdate.

The Board noted that Invesco Advisers hascontractually agreed to waive fees and/or limitexpenses of the Fund for the term disclosedin the Fund’s registration statement in anamount necessary to limit total annualoperating expenses to a specified percentageof average daily net assets for each class ofthe Fund.

The Board also considered the feescharged by Invesco Advisers and its affiliatesto other client accounts that are similarlymanaged. Invesco Advisers reviewed with theBoard differences in the scope of services itprovides to the Invesco Funds relative to thatprovided by Invesco Advisers and its affiliatesto certain other types of client accounts,including, among others: management ofcash flows as a result of redemptions andpurchases; necessary infrastructure such asofficers, office space, technology, legal anddistribution; oversight of service providers;costs and business risks associated withlaunching new funds and sponsoring andmaintaining the product line; and compliancewith federal and state laws and regulations.Invesco Advisers also advised the Board thatmany of the similarly managed clientaccounts have all-inclusive fee structures,which are not easily un-bundled.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard noted that the Fund does not benefitfrom economies of scale through contractualbreakpoints, but does share in economies ofscale through Invesco Advisers’ ability tonegotiate lower fee arrangements with thirdparty service providers. The Board noted thatthe Fund may also benefit from economies ofscale through initial fee setting, fee waiversand expense reimbursements, as well asInvesco Advisers’ investment in its business,including investments in businessinfrastructure, technology and cybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information from InvescoAdvisers concerning the costs of the advisoryand other services that Invesco Advisers andits affiliates provide to the Fund and theInvesco Funds and the profitability of InvescoAdvisers and its affiliates in providing theseservices in the aggregate and on an

individual Fund-by-Fund basis. The Boardconsidered the methodology used forcalculating profitability and noted that suchmethodology had recently been reviewed andenhanced. The Board noted that InvescoAdvisers continues to operate at a net profitfrom services Invesco Advisers and its affiliatesprovide to the Invesco Funds in the aggregateand to most Funds individually. The Board didnot deem the level of profits realized byInvesco Advisers and its affiliates fromproviding such services to be excessive, giventhe nature, extent and quality of the servicesprovided. The Board noted that InvescoAdvisers provided information demonstratingthat Invesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisers arefinancially sound and have the resourcesnecessary to perform their obligations underthe sub-advisory contracts.F. Collateral Benefits to Invesco Advisers and its

AffiliatesThe Board considered various other benefitsreceived by Invesco Advisers and its affiliatesfrom the relationship with the Fund, includingthe fees received for providing administrative,transfer agency and distribution services to theFund. The Board received comparativeinformation regarding fees charged for theseservices, including information provided byBroadridge and other independent sources.The Board reviewed the performance ofInvesco Advisers and its affiliates in providingthese services and the organizational structureemployed to provide these services. The Boardnoted that these services are provided to theFund pursuant to written contracts that arereviewed and subject to approval on an annualbasis by the Board based on its determinationthat the services are required for the operationof the Fund.

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Go paperless with eDeliveryVisit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investmentdocuments.With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, saveand print from your own computer:∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request. Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files acomplete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. Forthe second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders.The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s FormN-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.




SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. GMKT-SAR-1

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Invesco High Yield FundNasdaq:A: AMHYX ∎ C: AHYCX ∎ Y: AHHYX ∎ Investor: HYINX ∎ R5: AHIYX ∎ R6: HYIFX


For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing.


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Fund Performance

2 Invesco High Yield Fund

Performance summary

Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance showndoes not include applicable contingent deferred sales charges (CDSC) or front-end salescharges, which would have reduced performance.

Class A Shares 2.81% Class C Shares 2.43 Class Y Shares 2.94 Investor Class Shares 2.81 Class R5 Shares 2.97 Class R6 Shares 3.01 Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index) 1.49 Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (Style-Specific Index) 3.82 Lipper High Current Yield Bond Funds Index∎ (Peer Group Index) 3.95 Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index consideredrepresentative of the US investment-grade, fixed-rate bond market. The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is anunmanaged index considered representative of the US high-yield, fixed-ratecorporate bond market. Index weights for each issuer are capped at 2%. The Lipper High Current Yield Bond Funds Index is an unmanaged indexconsidered representative of high-yield bond funds tracked by Lipper. The Fund is not managed to track the performance of any particular index,including the index(es) described here, and consequently, the performance of theFund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, indexresults include reinvested dividends, and they do not reflect sales charges.Performance of the peer group, if applicable, reflects fund expenses; performanceof a market index does not.


Read the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” tolocate your Fund; then click on its name to access its product detail page. There, you can learnmore about your Fund’s investment strategies, holdings and performance. Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals sharetheir insights about market and economic news and trends.

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Class A Shares Inception (7/11/78) 7.22% 10 Years 5.24 5 Years 3.79 1 Year 4.23 Class C Shares Inception (8/4/97) 3.66% 10 Years 5.07 5 Years 3.89 1 Year 7.02 Class Y Shares Inception (10/3/08) 7.71% 10 Years 5.96 5 Years 4.89 1 Year 9.08 Investor Class Shares Inception (9/30/03) 6.54% 10 Years 5.69 5 Years 4.59 1 Year 8.54 Class R5 Shares Inception (4/30/04) 6.56% 10 Years 6.02 5 Years 4.99 1 Year 8.91 Class R6 Shares 10 Years 6.08% 5 Years 5.05 1 Year 8.98

Class R6 shares incepted onSeptember 24, 2012. Performanceshown prior to that date is that ofClass A shares at net asset value andincludes the 12b-1 fees applicable toClass A shares. The performance data quotedrepresent past performance andcannot guarantee future results;current performance may be lower orhigher. Please visit invesco.com/performance for the most recentmonth-end performance. Performancefigures reflect reinvested distributions,changes in net asset value and theeffect of the maximum sales chargeunless otherwise stated. Performancefigures do not reflect deduction oftaxes a shareholder would pay onFund distributions or sale of Fundshares. Investment return andprincipal value will fluctuate so thatyou may have a gain or loss when yousell shares. Class A share performance reflectsthe maximum 4.25% sales charge, andClass C share performance reflectsthe applicable contingent deferredsales charge (CDSC) for the periodinvolved. The CDSC on Class C sharesis 1% for the first year after purchase.Class Y, Investor Class, Class R5 andClass R6 shares do not have afront-end sales charge or a CDSC;therefore, performance is at net assetvalue.

The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses. Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursedexpenses currently or in the past,returns would have been lower. Seecurrent prospectus for moreinformation.

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Liquidity Risk Management Program

In compliance with Rule 22e-4 under theInvestment Company Act of 1940, asamended (the “Liquidity Rule”), the Fundhas adopted and implemented a liquidityrisk management program in accordancewith the Liquidity Rule (the “Program”).The Program is reasonably designed toassess and manage the Fund’s liquidityrisk, which is the risk that the Fund couldnot meet redemption requests withoutsignificant dilution of remaining investors’interests in the Fund. The Board ofTrustees of the Fund (the “Board”) hasappointed Invesco Advisers, Inc.(“Invesco”), the Fund’s investmentadviser, as the Program’s administrator,and Invesco has delegated oversight ofthe Program to the Liquidity RiskManagement Committee (the“Committee”), which is composed ofsenior representatives from relevantbusiness groups at Invesco.

As required by the Liquidity Rule, theProgram includes policies andprocedures providing for an assessment,no less frequently than annually, of theFund’s liquidity risk that takes intoaccount, as relevant to the Fund’sliquidity risk: (1) the Fund’s investmentstrategy and liquidity of portfolioinvestments during both normal andreasonably foreseeable stressedconditions; (2) short-term and long-termcash flow projections for the Fund duringboth normal and reasonably foreseeablestressed conditions; and (3) the Fund’sholdings of cash and cash equivalentsand any borrowing arrangements. TheLiquidity Rule also requires theclassification of the Fund’s investmentsinto categories that reflect theassessment of their relative liquidityunder current market conditions. TheFund classifies its investments into oneof four categories defined in the LiquidityRule: “Highly Liquid,” “ModeratelyLiquid,” “Less Liquid,” and “Illiquid.”Funds that are not invested primarily in“Highly Liquid Investments” that areassets (cash or investments that arereasonably expected to be convertibleinto cash within three business dayswithout significantly changing the marketvalue of the investment) are required toestablish a “Highly Liquid InvestmentMinimum” (“HLIM”), which is theminimum percentage of net assets thatmust be invested in Highly LiquidInvestments. Funds with HLIMs haveprocedures for addressing HLIMshortfalls, including reporting to theBoard and the SEC (on a non-publicbasis) as required by the Program andthe Liquidity Rule. In addition, the Fundmay not acquire an investment if,immediately after the acquisition, over15% of the Fund’s net assets wouldconsist of “Illiquid Investments” that areassets (an investment that cannotreasonably be expected to be sold ordisposed of in current market conditionsin seven calendar days or less

without the sale or dispositionsignificantly changing the marketvalue of the investment). TheLiquidity Rule and the Program alsorequire reporting to the Board andthe SEC (on a non-public basis) if aFund’s holdings of IlliquidInvestments exceed 15% of theFund’s assets.

At a meeting held on March 22-24,2021, the Committee presented areport to the Board that addressedthe operation of the Program andassessed the Program’s adequacyand effectiveness of implementation(the “Report”). The Report coveredthe period from January 1, 2020through December 31, 2020 (the“Program Reporting Period”). TheReport discussed notable eventsaffecting liquidity over the ProgramReporting Period, including theimpact of the coronavirus pandemicon the Fund and the overall market.The Report noted that there were nomaterial changes to the Programduring the Program ReportingPeriod.

The Report stated, in relevant part,that during the Program ReportingPeriod:

∎ The Program, as adopted andimplemented, remained reasonablydesigned to assess and managethe Fund’s liquidity risk and wasoperated effectively to achieve thatgoal;

∎ The Fund’s investment strategyremained appropriate for anopen-end fund;

∎ The Fund was able to meetrequests for redemption withoutsignificant dilution of remaininginvestors’ interests in the Fund;

∎ The Fund did not breach the 15%limit on Illiquid Investments; and

∎ The Fund primarily held HighlyLiquid Investments and thereforehas not adopted an HLIM.

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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco High Yield Fund

Principal Amount Value

U.S. Dollar Denominated Bonds & Notes–87.24% Advertising–0.48% Lamar Media Corp., 3.63%,

01/15/2031(b) $ 4,604,000 $ 4,599,143

Aerospace & Defense–0.86% Bombardier, Inc. (Canada),

6.00%, 10/15/2022(b) 1,778,000 1,782,356

TransDigm UK Holdings PLC,6.88%, 05/15/2026 4,677,000 4,934,235

TransDigm, Inc., 6.25%,03/15/2026(b) 1,463,000 1,537,979

8,254,570

Airlines–2.50% American Airlines,

Inc./AAdvantage Loyalty IPLtd., 5.50%, 04/20/2026(b) 11,371,000 11,999,248

5.75%, 04/20/2029(b) 2,182,000 2,359,222

Delta Air Lines, Inc., 7.00%,05/01/2025(b) 3,953,000 4,626,468

United Airlines, Inc., 4.38%,04/15/2026(b) 4,833,000 5,023,324

24,008,262

Alternative Carriers–1.18% Level 3 Financing, Inc., 3.75%,

07/15/2029(b) 6,965,000 6,799,582

Lumen Technologies, Inc.,Series P, 7.60%, 09/15/2039 4,050,000 4,501,190

11,300,772

Apparel Retail–0.56% Bath & Body Works, Inc., 6.75%,

07/01/2036 4,196,000 5,351,893

Auto Parts & Equipment–1.48% Clarios Global L.P., 6.75%,

05/15/2025(b) 1,032,000 1,093,920

Clarios Global L.P./Clarios USFinance Co., 8.50%,05/15/2027(b) 3,096,000 3,308,850

Dana, Inc., 5.38%, 11/15/2027 4,172,000 4,406,675

5.63%, 06/15/2028 629,000 676,911

NESCO Holdings II, Inc., 5.50%,04/15/2029(b) 4,517,000 4,691,130

14,177,486

Automobile Manufacturers–4.11% Allison Transmission, Inc.,

4.75%, 10/01/2027(b) 2,250,000 2,361,386

3.75%, 01/30/2031(b) 6,825,000 6,825,990

Ford Motor Co., 8.50%, 04/21/2023 4,026,000 4,456,279

9.00%, 04/22/2025 1,433,000 1,752,487

9.63%, 04/22/2030 772,000 1,101,243

4.75%, 01/15/2043 2,204,000 2,380,375


Automobile Manufacturers–(continued) Ford Motor Credit Co. LLC,

5.13%, 06/16/2025 $ 1,418,000 $ 1,558,028

3.38%, 11/13/2025 1,644,000 1,703,595

4.39%, 01/08/2026 2,323,000 2,494,321

5.11%, 05/03/2029 4,746,000 5,369,363

4.00%, 11/13/2030 4,562,000 4,818,772

J.B. Poindexter & Co., Inc.,7.13%, 04/15/2026(b) 4,385,000 4,631,656

39,453,495

Automotive Retail–1.74% Group 1 Automotive, Inc., 4.00%,

08/15/2028(b) 6,904,000 7,035,625

LCM Investments Holdings IILLC, 4.88%, 05/01/2029(b) 4,748,000 4,884,552

Lithia Motors, Inc., 3.88%,06/01/2029(b) 4,539,000 4,765,042

16,685,219

Broadcasting–0.54% Gray Television, Inc., 7.00%,

05/15/2027(b) 4,851,000 5,209,004

Building Products–0.24% Standard Industries, Inc., 5.00%,

02/15/2027(b) 2,247,000 2,325,645

Cable & Satellite–5.63% CCO Holdings LLC/CCO

Holdings Capital Corp., 5.75%, 02/15/2026(b) 3,443,000 3,541,986

5.00%, 02/01/2028(b) 8,016,000 8,407,582

4.75%, 03/01/2030(b) 3,494,000 3,701,299

4.50%, 08/15/2030(b) 10,996,000 11,503,795

4.25%, 01/15/2034(b) 2,350,000 2,374,863

CSC Holdings LLC, 6.50%, 02/01/2029(b) 4,288,000 4,738,240

5.75%, 01/15/2030(b) 826,000 873,925

4.63%, 12/01/2030(b) 1,567,000 1,543,495

4.50%, 11/15/2031(b) 2,330,000 2,348,011

DISH DBS Corp., 7.75%,07/01/2026 2,600,000 2,981,420

DISH Network Corp., Conv.,3.38%, 08/15/2026 3,693,000 3,861,415

Sirius XM Radio, Inc., 3.13%, 09/01/2026(b) 3,247,000 3,312,589

4.00%, 07/15/2028(b) 3,673,000 3,756,928

Virgin Media Secured FinancePLC (United Kingdom), 5.50%,05/15/2029(b) 1,062,000 1,138,995

54,084,543

Casinos & Gaming–3.55% Codere Finance 2 (Luxembourg)

S.A. (Spain), 7.13% PIK Rate,4.50% Cash Rate,11/01/2023(b)(c) 2,189,311 1,565,357

Everi Holdings, Inc., 5.00%,07/15/2029(b) 4,610,000 4,724,098

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Casinos & Gaming–(continued) Midwest Gaming Borrower LLC/

Midwest Gaming FinanceCorp., 4.88%, 05/01/2029(b) $ 4,718,000 $ 4,759,282

Mohegan Gaming &Entertainment, 8.00%,02/01/2026(b) 8,762,000 9,203,342

Scientific Games International,Inc., 8.63%, 07/01/2025(b) 1,938,000 2,094,663

8.25%, 03/15/2026(b) 2,314,000 2,464,127

Station Casinos LLC, 4.50%,02/15/2028(b) 4,644,000 4,719,465

Wynn Resorts FinanceLLC/Wynn Resorts CapitalCorp., 5.13%, 10/01/2029(b) 4,404,000 4,586,502

34,116,836

Computer & Electronics Retail–0.35% Dell International LLC/EMC

Corp., 7.13%, 06/15/2024(b) 3,270,000 3,343,575

Construction & Engineering–1.21% Great Lakes Dredge & Dock

Corp., 5.25%, 06/01/2029(b) 4,623,000 4,779,026

New Enterprise Stone & LimeCo., Inc., 6.25%, 03/15/2026(b) 2,738,000 2,816,717

9.75%, 07/15/2028(b) 3,602,000 3,997,626

11,593,369

Consumer Finance–2.92% Navient Corp.,

7.25%, 09/25/2023 5,428,000 5,970,135

5.00%, 03/15/2027 1,773,000 1,864,265

5.63%, 08/01/2033 3,922,000 3,804,713

OneMain Finance Corp., 3.88%, 09/15/2028 2,496,000 2,509,291

5.38%, 11/15/2029 9,314,000 10,188,445

4.00%, 09/15/2030 3,708,000 3,720,867

28,057,716

Copper–0.96% First Quantum Minerals Ltd.

(Zambia), 7.50%, 04/01/2025(b) 6,490,000 6,733,375

6.88%, 03/01/2026(b) 2,371,000 2,480,601

9,213,976

Data Processing & Outsourced Services–0.51% Clarivate Science Holdings

Corp., 4.88%, 07/01/2029(b) 4,724,000 4,878,569

Department Stores–0.33% Macy’s Retail Holdings LLC,

5.88%, 04/01/2029(b) 733,000 801,792

4.50%, 12/15/2034 2,460,000 2,410,800

3,212,592

Diversified Banks–1.07% Credit Agricole S.A. (France),

8.13%(b)(d)(e) 3,981,000 4,854,332

Natwest Group PLC (UnitedKingdom), 6.00%(d)(e) 4,830,000 5,419,984

10,274,316


(Switzerland), 7.50%(b)(d)(e) 4,285,000 4,629,943


Diversified Chemicals–0.48% Trinseo Materials Operating

S.C.A./Trinseo MaterialsFinance, Inc., 5.13%,04/01/2029(b) $ 4,519,000 $ 4,568,935

Diversified REITs–1.01% DigitalBridge Group, Inc., Conv.,

5.00%, 04/15/2023 2,624,000 2,701,908

iStar, Inc., 4.75%, 10/01/2024 4,932,000 5,240,497

5.50%, 02/15/2026 1,695,000 1,777,631

9,720,036

Electric Utilities–1.58% Talen Energy Supply LLC, 7.63%,

06/01/2028(b) 6,606,000 5,724,892

Vistra Operations Co. LLC, 5.63%, 02/15/2027(b) 1,600,000 1,668,096

5.00%, 07/31/2027(b) 2,911,000 3,024,092

4.38%, 05/01/2029(b) 4,718,000 4,794,668

15,211,748

Electrical Components & Equipment–0.85% EnerSys,

5.00%, 04/30/2023(b) 3,225,000 3,363,933

4.38%, 12/15/2027(b) 180,000 189,447

Sensata Technologies B.V., 4.88%, 10/15/2023(b) 3,665,000 3,926,534

4.00%, 04/15/2029(b) 643,000 666,341

8,146,255

Environmental & Facilities Services–1.19% Waste Pro USA, Inc., 5.50%,

02/15/2026(b) 11,210,000 11,438,796

Fertilizers & Agricultural Chemicals–0.73% OCI N.V. (Netherlands),

5.25%, 11/01/2024(b) 2,250,000 2,323,125

4.63%, 10/15/2025(b) 4,497,000 4,713,980

7,037,105

Food Distributors–0.50% American Builders & Contractors

Supply Co., Inc., 4.00%,01/15/2028(b) 4,640,000 4,798,456

Food Retail–1.70% PetSmart, Inc./PetSmart Finance

Corp., 7.75%, 02/15/2029(b) 4,237,000 4,660,700

SEG Holding LLC/SEG FinanceCorp., 5.63%, 10/15/2028(b) 4,405,000 4,630,822

Simmons Foods, Inc./SimmonsPrepared Foods, Inc./SimmonsPet Food, Inc., 4.63%,03/01/2029(b) 6,883,000 7,013,089

16,304,611

Health Care Facilities–1.47% Encompass Health Corp., 4.50%,

02/01/2028 4,516,000 4,736,155

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Health Care Facilities–(continued) HCA, Inc.,

5.38%, 02/01/2025 $ 2,458,000 $ 2,772,956

5.88%, 02/15/2026 699,000 811,574

5.38%, 09/01/2026 1,344,000 1,552,051

5.88%, 02/01/2029 2,281,000 2,768,758

3.50%, 09/01/2030 1,383,000 1,486,234

14,127,728

Health Care REITs–1.07% CTR Partnership L.P./ CareTrust

Capital Corp., 3.88%,06/30/2028(b) 4,712,000 4,848,106

Diversified Healthcare Trust, 9.75%, 06/15/2025 169,000 186,111

4.38%, 03/01/2031 5,284,000 5,191,662

10,225,879

Health Care Services–4.48% Akumin, Inc., 7.00%,

11/01/2025(b) 10,567,000 9,990,570

Community Health Systems,Inc., 8.00%, 03/15/2026(b) 4,268,000 4,574,016

6.13%, 04/01/2030(b) 4,680,000 4,723,875

DaVita, Inc., 4.63%, 06/01/2030(b) 4,174,000 4,367,715

3.75%, 02/15/2031(b) 5,200,000 5,145,400

Global Medical Response, Inc.,6.50%, 10/01/2025(b) 2,404,000 2,482,130

Hadrian Merger Sub, Inc.,8.50%, 05/01/2026(b) 6,572,000 6,841,321

MEDNAX, Inc., 6.25%,01/15/2027(b) 4,420,000 4,663,100

RP Escrow Issuer LLC, 5.25%,12/15/2025(b) 179,000 183,419

42,971,546

Homebuilding–1.63% Ashton Woods USA LLC/Ashton

Woods Finance Co., 9.88%,04/01/2027(b) 7,864,000 8,725,501

Taylor Morrison Communities,Inc., 6.63%, 07/15/2027(b) 6,510,000 6,949,425

15,674,926

Hotels, Resorts & Cruise Lines–0.48% Carnival Corp., 10.50%,

02/01/2026(b) 4,011,000 4,632,785

Household Products–1.21% Energizer Holdings, Inc., 4.38%,

03/31/2029(b) 4,599,000 4,617,948

Prestige Brands, Inc., 3.75%,04/01/2031(b) 7,094,000 7,014,441

11,632,389

Independent Power Producers & Energy Traders–1.48% Calpine Corp., 3.75%,

03/01/2031(b) 4,782,000 4,696,307

Clearway Energy OperatingLLC, 4.75%, 03/15/2028(b) 5,172,000 5,482,061

3.75%, 02/15/2031(b) 3,963,000 4,032,313

14,210,681


Industrial Machinery–1.21% Cleaver-Brooks, Inc., 7.88%,

03/01/2023(b) $ 1,603,000 $ 1,582,882

EnPro Industries, Inc., 5.75%,10/15/2026 4,670,000 4,910,529

Mueller Water Products, Inc.,4.00%, 06/15/2029(b) 4,904,000 5,111,537

11,604,948

Integrated Oil & Gas–1.51% Occidental Petroleum Corp.,

3.20%, 08/15/2026 1,684,000 1,740,153

8.50%, 07/15/2027 1,314,000 1,659,654

6.13%, 01/01/2031 3,959,000 4,792,746

6.20%, 03/15/2040 2,474,000 2,953,944

4.10%, 02/15/2047 3,430,000 3,358,364

14,504,861

Integrated Telecommunication Services–0.97% Altice France S.A. (France),

7.38%, 05/01/2026(b) 3,654,000 3,797,310

8.13%, 02/01/2027(b) 2,500,000 2,718,750

5.13%, 07/15/2029(b) 2,760,000 2,793,865

9,309,925

Interactive Media & Services–1.45% Audacy Capital Corp., 6.75%,

03/31/2029(b) 6,815,000 6,886,694

Scripps Escrow II, Inc., 3.88%, 01/15/2029(b) 4,667,000 4,697,475

5.38%, 01/15/2031(b) 2,350,000 2,329,009

13,913,178

Internet & Direct Marketing Retail–0.76% QVC, Inc.,

4.38%, 09/01/2028 2,216,000 2,273,671

5.45%, 08/15/2034 4,667,000 4,993,690

7,267,361

Investment Banking & Brokerage–0.71% NFP Corp.,

4.88%, 08/15/2028(b) 1,789,000 1,822,544

6.88%, 08/15/2028(b) 4,874,000 5,008,035

6,830,579

IT Consulting & Other Services–0.76% Gartner, Inc.,

4.50%, 07/01/2028(b) 4,677,000 4,957,620

3.63%, 06/15/2029(b) 2,248,000 2,317,238

7,274,858

Managed Health Care–0.98% Centene Corp.,

4.63%, 12/15/2029 1,697,000 1,863,544

3.00%, 10/15/2030 7,228,000 7,500,640

9,364,184

Metal & Glass Containers–1.21% Ardagh Metal Packaging Finance

USA LLC/Ardagh MetalPackaging Finance PLC,3.25%, 09/01/2028(b) 6,988,000 7,049,145

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Metal & Glass Containers–(continued) Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,

5.25%, 04/30/2025(b) $ 4,377,000 $ 4,584,908

11,634,053

Movies & Entertainment–1.28% Cinemark USA, Inc., 5.88%,

03/15/2026(b) 4,670,000 4,652,488

Netflix, Inc., 5.88%, 11/15/2028 2,737,000 3,397,397

5.38%, 11/15/2029(b) 3,407,000 4,194,579

12,244,464

Oil & Gas Drilling–2.88% Delek Logistics Partners

L.P./Delek Logistics FinanceCorp., 7.13%, 06/01/2028(b) 4,633,000 4,916,771

NGL Energy Operating LLC/NGLEnergy Finance Corp., 7.50%,02/01/2026(b) 4,845,000 4,923,731

Precision Drilling Corp.(Canada), 6.88%,01/15/2029(b) 3,497,000 3,522,913

Rockies Express Pipeline LLC, 4.80%, 05/15/2030(b) 4,100,000 4,245,386

6.88%, 04/15/2040(b) 3,158,000 3,485,943

Valaris Ltd., 12.00% PIK Rate, 8.25%

Cash Rate, 04/30/2028(b)(c) 1,651,000 1,714,885

Series 1145, 12.00% PIKRate, 8.25% Cash Rate,04/30/2028(c) 4,655,000 4,835,125

27,644,754

Oil & Gas Equipment & Services–1.09% Bristow Group, Inc., 6.88%,

03/01/2028(b) 5,107,000 5,366,920

USA Compression PartnersL.P./USA CompressionFinance Corp., 6.88%,09/01/2027 4,858,000 5,094,439

10,461,359

Oil & Gas Exploration & Production–6.41% Aethon United BR L.P./Aethon

United Finance Corp., 8.25%,02/15/2026(b) 12,731,000 13,829,622

Callon Petroleum Co., 8.00%,08/01/2028(b) 7,402,000 7,135,639

EQT Corp., 3.13%, 05/15/2026(b) 1,903,000 1,957,711

3.63%, 05/15/2031(b) 2,858,000 3,025,436

Genesis Energy L.P./GenesisEnergy Finance Corp., 6.25%, 05/15/2026 6,199,000 5,974,286

8.00%, 01/15/2027 3,860,000 3,837,921

7.75%, 02/01/2028 1,313,000 1,288,841

Hilcorp Energy I L.P./HilcorpFinance Co., 6.25%, 11/01/2028(b) 2,862,000 2,962,170

5.75%, 02/01/2029(b) 1,556,000 1,581,285

Northern Oil and Gas, Inc.,8.13%, 03/01/2028(b) 8,614,000 8,959,034


Oil & Gas Exploration & Production–(continued) SM Energy Co.,

5.00%, 01/15/2024 $ 1,939,000 $ 1,931,729

6.75%, 09/15/2026 4,429,000 4,456,725

6.63%, 01/15/2027 4,586,000 4,614,708

61,555,107

Oil & Gas Storage & Transportation–1.35% NGL Energy Partners L.P./NGL

Energy Finance Corp., 7.50%, 11/01/2023 1,420,000 1,329,475

7.50%, 04/15/2026 3,054,000 2,562,459

Oasis Midstream PartnersL.P./OMP Finance Corp.,8.00%, 04/01/2029(b) 8,711,000 9,027,253

12,919,187

Packaged Foods & Meats–2.20% JBS USA LUX S.A./JBS USA

Food Co./JBS USA Finance,Inc., 6.50%, 04/15/2029(b) 6,040,000 6,847,850

Kraft Heinz Foods Co. (The), 4.25%, 03/01/2031 4,072,000 4,704,910

6.88%, 01/26/2039 2,800,000 4,189,590

5.00%, 06/04/2042 442,000 560,084

Post Holdings, Inc., 5.63%, 01/15/2028(b) 2,469,000 2,601,709

4.63%, 04/15/2030(b) 2,189,000 2,237,853

21,141,996

Paper Products–0.98% Schweitzer-Mauduit International,

Inc., 6.88%, 10/01/2026(b) 4,364,000 4,576,745

Sylvamo Corp., 7.00%,09/01/2029(b) 4,707,000 4,879,441

9,456,186

Pharmaceuticals–1.69% AdaptHealth LLC,

6.13%, 08/01/2028(b) 2,215,000 2,361,744

5.13%, 03/01/2030(b) 2,425,000 2,459,835

Bausch Health Americas, Inc.,9.25%, 04/01/2026(b) 2,442,000 2,634,307

Bausch Health Cos., Inc., 9.00%, 12/15/2025(b) 3,216,000 3,425,040

5.75%, 08/15/2027(b) 1,021,000 1,073,377

Endo DAC/Endo FinanceLLC/Endo Finco, Inc., 9.50%,07/31/2027(b) 1,933,000 1,901,821

Par Pharmaceutical, Inc., 7.50%,04/01/2027(b) 2,293,000 2,324,529

16,180,653

Railroads–0.49% Kenan Advantage Group, Inc.

(The), 7.88%, 07/31/2023(b) 4,727,000 4,737,163

Research & Consulting Services–0.48% Dun & Bradstreet Corp. (The),

6.88%, 08/15/2026(b) 3,256,000 3,435,080

10.25%, 02/15/2027(b) 1,042,000 1,131,878

4,566,958

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Retail REITs–0.51% NMG Holding Co., Inc./Neiman

Marcus Group LLC, 7.13%,04/01/2026(b) $ 4,593,000 $ 4,868,580

Security & Alarm Services–0.66% Brink’s Co. (The),

5.50%, 07/15/2025(b) 478,000 502,808

4.63%, 10/15/2027(b) 5,564,000 5,850,991

6,353,799

Specialized Consumer Services–1.16% Carriage Services, Inc., 4.25%,

05/15/2029(b) 5,056,000 5,070,207

Terminix Co. LLC (The), 7.45%,08/15/2027 5,036,000 6,032,398

11,102,605

Specialized REITs–0.74% SBA Communications Corp.,

3.88%, 02/15/2027 6,795,000 7,070,401

Specialty Chemicals–1.00% Rayonier A.M. Products, Inc.,

7.63%, 01/15/2026(b) 9,128,000 9,641,450

Steel–0.50% SunCoke Energy, Inc., 4.88%,

06/30/2029(b) 4,688,000 4,754,148

Systems Software–1.46% Camelot Finance S.A., 4.50%,

11/01/2026(b) 13,414,000 14,014,947

Technology Hardware, Storage & Peripherals–0.32% Western Digital Corp., 4.75%,

02/15/2026 2,738,000 3,064,972


Holding B.V./Ruyi US FinanceLLC (China), 7.50%,05/01/2025(b) 4,761,000 4,433,681

Thrifts & Mortgage Finance–0.62% NMI Holdings, Inc., 7.38%,

06/01/2025(b) 5,272,000 5,970,540

Trading Companies & Distributors–0.35% AerCap Global Aviation Trust

(Ireland), 6.50%,06/15/2045(b)(d) 3,073,000 3,336,786

Wireless Telecommunication Services–0.49% Vodafone Group PLC (United

Kingdom), 4.13%,06/04/2081(d) 4,624,000 4,698,285

Total U.S. Dollar Denominated Bonds &Notes(Cost $817,124,447)

837,394,768

Variable Rate Senior Loan Interests–8.43%(f)(g) Food Distributors–0.55% United Natural Foods, Inc., Term

Loan B, 3.58% (1 mo. USDLIBOR + 3.50%), 10/22/2025 5,235,214 5,223,225

Health Care Equipment–0.47% Radiology Partners, Inc., First

Lien Term Loan B, 4.35% (1mo. USD LIBOR + 4.25%),07/09/2025 4,525,000 4,504,004


Health Care Services–0.94% Global Medical Response, Inc.,

Term Loan, 5.75% (3 mo. USDLIBOR + 4.75%), 10/02/2025 $ 4,501,380 $ 4,526,228

Surgery Center Holdings, Inc.,Term Loan, 4.50% (1 mo. USDLIBOR + 3.75%), 09/03/2026 4,501,029 4,508,771

9,034,999

Health Care Supplies–1.23% Medline Industries, Inc., Term

Loan, -%, 08/04/2022(h) 4,725,000 4,725,000

-%, 08/04/2022(h) 7,088,000 7,088,000

11,813,000

Hotels, Resorts & Cruise Lines–0.48% Four Seasons Hotels Ltd.

(Canada), First Lien Term Loan,2.08% (1 mo. USD LIBOR +2.00%), 11/30/2023 4,615,833 4,589,500

Metal & Glass Containers–0.47% Flex Acquisition Co., Inc.,

Incremental Term Loan B,3.15% (1 mo. USD LIBOR +3.25%), 06/29/2025 4,538,846 4,488,079

Paper Packaging–0.47% Graham Packaging Co., Inc.,

Term Loan, 3.75% (1 mo. USDLIBOR + 3.00%), 08/04/2027 4,563,563 4,549,894

Paper Products–0.99% Schweitzer-Mauduit International,

Inc. (SWM International), TermLoan B, 4.50% (1 mo. USDLIBOR + 3.75%), 02/23/2028 9,513,332 9,513,332

Pharmaceuticals–1.12% Bausch Health Americas, Inc.

(Canada), First LienIncremental Term Loan, 2.83%(1 mo. USD LIBOR + 2.75%),11/27/2025 6,304,653 6,274,264

Endo LLC, Term Loan, 5.75% (3mo. USD LIBOR + 5.00%),03/10/2028 4,618,425 4,498,785

10,773,049

Restaurants–0.99% IRB Holding Corp., First Lien Term

Loan B, 4.25% (3 mo. USDLIBOR + 3.25%) (3 mo. USDLIBOR + 3.25%), 12/01/2027 9,468,438 9,478,285

Specialty Stores–0.72% PetSmart, Inc., Term Loan, 4.50%

(3 mo. USD LIBOR + 3.75%) (3mo. USD LIBOR + 3.75%),02/11/2028 6,906,667 6,926,075

Total Variable Rate Senior Loan Interests(Cost $81,046,382)

80,893,442

Non-U.S. Dollar Denominated Bonds & Notes–1.18%(i) Building Products–0.48% Maxeda DIY Holding B.V.

(Netherlands), 5.88%,10/01/2026(b) EUR 3,741,000 4,570,994

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Casinos & Gaming–0.16% Codere Finance 2

(Luxembourg) S.A.(Spain), 10.75%,09/30/2023(b) EUR 1,190,000 $ 1,486,989

Food Retail–0.51% Iceland Bondco PLC (United

Kingdom), 4.63%,03/15/2025(b) GBP 3,659,000 4,918,002

Paper Packaging–0.01% M&G Finance Luxembourg

S.A. (Brazil), 5.08% (3 mo.EURIBOR + 5.63%)(e)(j)(k) EUR 4,100,000 96,822


Holding B.V./Ruyi USFinance LLC (China),5.38%, 05/01/2023(b) EUR 200,000 225,953

Total Non-U.S. Dollar Denominated Bonds &Notes(Cost $11,982,025)

11,298,760

Shares Common Stocks & Other Equity Interests–0.06% Integrated Telecommunication Services–0.00% Ventelo, Inc.

(United Kingdom)(l)(m) 73,021 0

Leisure Products–0.00% HF Holdings, Inc.(l)(m) 36,820 0

Investment Abbreviations:Conv. – ConvertibleEUR – EuroEURIBOR – Euro Interbank Offered RateGBP – British Pound SterlingLIBOR – London Interbank Offered RatePIK – Pay-in-KindREIT – Real Estate Investment TrustUSD – U.S. Dollar

Shares Value

Oil & Gas Drilling–0.06% Valaris Ltd.(l) 21,400 $ 635,365

Total Common Stocks & Other EquityInterests(Cost $7,253,781)

635,365

Money Market Funds–3.52% Invesco Government & Agency

Portfolio, Institutional Class,0.03%(n)(o) 10,407,500 10,407,500

Invesco Liquid Assets Portfolio,Institutional Class, 0.01%(n)(o) 11,496,462 11,501,061

Invesco Treasury Portfolio,Institutional Class, 0.01%(n)(o) 11,894,286 11,894,286

Total Money Market Funds(Cost $33,804,960)

33,802,847

Options Purchased–0.05% (Cost $1,283,958)(p) 460,578

TOTAL INVESTMENTS IN SECURITIES-100.48%(Cost $952,495,553)

964,485,760


NET ASSETS-100.00% $959,857,493

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Page 1 of 1Notes to Schedule of Investments:



(c) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(e) Perpetual bond with no specified maturity date.(f) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The


(g) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject tocontractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates whichadjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than oneyear, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of adesignated U.S. bank.

(h) This variable rate interest will settle after August 31, 2021, at which time the interest rate will be determined.(i) Foreign denominated security. Principal amount is denominated in the currency indicated.(j) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these

securities at August 31, 2021 was $96,822, which represented less than 1% of the Fund’s Net Assets.(k) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(l) Non-income producing security.(m) Security valued using significant unobservable inputs (Level 3). See Note 3.(n) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


Value


at Cost Proceeds

from Sales

Change inUnrealized

Appreciation

RealizedGain

(Loss) Value

August 31, 2021 Dividend IncomeInvestments in

Affiliated MoneyMarket Funds:

InvescoGovernment &Agency Portfolio,

Institutional Class $ 6,858,550 $91,785,823 $ (88,236,873) $ - $ - $10,407,500 $ 815Invesco Liquid Assets

Portfolio,Institutional Class 9,742,049 65,400,449 (63,641,437) 510 (510) 11,501,061 522

Invesco TreasuryPortfolio,Institutional Class 7,838,342 104,898,083 (100,842,139) - - 11,894,286 337

Total $24,438,941 $262,084,355 $(252,720,449) $510 $(510) $33,802,847 $1,674

(o) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.(p) The table below details options purchased.

Open Exchange-Traded Equity Options Purchased

Description Type of

Contract Expiration


ExercisePrice

NotionalValue(a) Value

Equity Risk Altice USA, Inc. Call 06/17/2022 607 USD 35.00 USD 2,124,500 $ 65,253 Ford Motor Co. Call 03/18/2022 4,000 USD 17.00 USD 6,800,000 182,000 Occidental Petroleum Corp. Call 06/17/2022 1,150 USD 35.00 USD 4,025,000 213,325

Total Open Exchange-Traded Equity Options Purchased 5,757 $460,578

(a) Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Equity Options Written

Description Type of

Contract Expiration


ExercisePrice

PremiumsReceived

NotionalValue(a) Value


Equity Risk Ford Motor Co. Call 03/18/2022 4,000 USD 20.00 $(375,859) USD 8,000,000 $ (82,000) $ 293,859 Occidental Petroleum

Corp. Call 06/17/2022 1,150 USD 45.00 (134,510) USD 5,175,000 (90,850) 43,660 Total Open Exchange-Traded Equity Options Written $(510,369) $(172,850) $ 337,519

(a) Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


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Page 1 of 1Open Forward Foreign Currency Contracts

Settlement Contract to Unrealized

Appreciation Date Counterparty Deliver Receive (Depreciation) Currency Risk 11/17/2021 Goldman Sachs International GBP 3,690,000 USD 5,113,049 $ 39,169

Currency Risk 11/17/2021 Citibank, N.A. EUR 6,800,000 USD 7,984,902 (56,067)

Total Forward Foreign Currency Contracts $ (16,898) Abbreviations:EUR –EuroGBP –British Pound SterlingUSD –U.S. Dollar

Portfolio Composition†*By credit quality, based on total investmentsas of August 31, 2021 AA 0.16% BBB 6.35 BB 49.74 B 36.69 CCC 5.33 CC 0.17 Non-Rated 1.56 †Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the

creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings aremeasured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates thedebtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, pleasevisit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.


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(Cost $918,690,593) $ 930,682,913

Investments in affiliated money market funds,at value (Cost $33,804,960) 33,802,847

Other investments: Unrealized appreciation on forward foreign

currency contracts outstanding 39,169

Cash 74,713

Foreign currencies, at value(Cost $1,407,986) 1,419,295

Receivable for:Investments sold 5,514,412

Fund shares sold 664,316

Dividends 306

Interest 12,846,636


Other assets 91,901

Total assets 985,486,910


Options written, at value (premiums received$510,369) 172,850



Dividends 825,344

Fund shares reacquired 754,297






Net assets applicable to shares outstanding $ 959,857,493


Distributable earnings (loss) (213,503,503)

$ 959,857,493

Net Assets: Class A $ 674,324,196

Class C $ 25,350,052

Class Y $ 55,696,236


Class R5 $ 36,430,101

Class R6 $ 92,695,972

Shares outstanding, no par value, with an unlimited numberof shares authorized:

Class A 168,661,508

Class C 6,356,529

Class Y 13,896,835


Class R5 9,146,323

Class R6 23,206,093

Class A:Net asset value per share $ 4.00


Class C: Net asset value and offering price per share $ 3.99

Class Y: Net asset value and offering price per share $ 4.01

Investor Class: Net asset value and offering price per share $ 3.99

Class R5: Net asset value and offering price per share $ 3.98


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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Interest $23,502,631

Dividends from affiliated money market funds 1,674






Class C 130,235

Investor Class 94,880

Transfer agent fees – A, C, Y and Investor 670,617







Other 13,530







Affiliated investment securities (510)



Option contracts written (60,918)

12,275,470

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (4,050,524)



Forward foreign currency contracts (46,384)


(3,767,798)




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Statement of Changes in Net AssetsFor the six months ended August 31, 2021 and the year ended February 28, 2021(Unaudited)

August 31,

2021 February 28,

2021



Change in net unrealized appreciation (depreciation) (3,767,798) 64,918,746



Class C (491,130) (1,605,096)

Class Y (1,221,503) (3,453,422)

Investor Class (1,708,863) (4,324,940)

Class R5 (899,670) (2,615,850)

Class R6 (2,161,378) (7,661,843)


Return of capital: Class A – (1,772,865)

Class C – (78,311)

Class Y – (168,490)

Investor Class – (211,011)

Class R5 – (127,625)

Class R6 – (373,816)

Total return of capital – (2,732,118)

Total distributions (21,542,807) (58,730,482)

Share transactions–net: Class A 12,661,779 (6,810,503)

Class C (1,668,118) (8,814,544)

Class Y 4,186,886 (10,179,218)

Investor Class 30,469 (5,412,983)

Class R5 (2,472,277) (16,233,844)

Class R6 8,862,069 (102,497,843)

Net increase (decrease) in net assets resulting from share transactions 21,600,808 (149,948,935)

Net increase (decrease) in net assets 27,422,623 (153,518,427)

Net assets: Beginning of period 932,434,870 1,085,953,297

End of period $959,857,493 $ 932,434,870


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6*ESS 0C

LSWP64RS2621.10.7.0


(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains



Total frominvestm

entoperations

Dividends

from net

investment

income

R

eturn ofcapital

Total

distributions

Net asset

value, endof period

Total

return (b)

Net assets,


itted)

Ratio of


with fee w

aiversand/or

expensesabsorbed

Ratio of

expensesto average net

assetsw

ithout feew

aiversand/or

expensesabsorbed

Ratio of net

investment

income


Portfolio

turnover (c)C

lass A

Six m


$3.97

$0.08

$0.04

$0.12

$(0.09)

$

-

$(0.09)

$4.00

3.06%

$674,324 1.02%

(d) 1.02%

(d) 3.95%

(d)


3.96

0.19

0.05

0.24

(0.22)

(0.01)

(0.23)

3.97

6.59

657,549 1.07

1.07

4.89

101

Year ended 02/29/20

4.05

0.21

(0.07) 0.14

(0.23)

-

(0.23)

3.96

3.53

663,578 1.01

1.02

5.09


4.13

0.20

(0.07)

0.13

(0.21)

-

(0.21)

4.05

3.28

685,222

1.15

1.15

4.96

34

Year ended 02/28/18

4.21

0.20

(0.07) 0.13

(0.21)

-

(0.21)

4.13

3.07

701,560 1.07

1.08

4.69


3.83

0.21

0.39

0.60

(0.21)

(0.01)

(0.22)

4.21 15.91

828,560

1.00

1.01

5.10

99

Class C


3.96

0.06

0.05

0.11

(0.08)

-

(0.08)

3.99

2.68

25,350 1.77 (d)

1.77 (d)

3.20 (d)


3.95

0.16

0.05

0.21

(0.19)

(0.01)

(0.20)

3.96

5.79

26,860

1.82

1.82

4.14


4.04

0.18

(0.07)

0.11

(0.20)

-

(0.20)

3.95

2.75

35,743 1.76

1.77

4.34


4.12

0.17

(0.07)

0.10

(0.18)

-

(0.18)

4.04

2.50

37,607 1.90

1.90

4.21


4.20

0.16

(0.06)

0.10

(0.18)

-

(0.18)

4.12

2.29

88,812 1.82

1.83

3.94


3.82

0.18

0.39

0.57

(0.18)

(0.01)

(0.19)

4.20 15.09

101,572

1.75

1.76

4.35

99

Class Y


3.98

0.08

0.05

0.13

(0.10)

-

(0.10)

4.01

3.20

55,696 0.77 (d)

0.77 (d)

4.20 (d)


3.97

0.19

0.06

0.25

(0.23)

(0.01)

(0.24)

3.98

6.85

51,180

0.82

0.82

5.14


4.07

0.22

(0.08)

0.14

(0.24)

-

(0.24)

3.97

3.54

61,065 0.76

0.77

5.34


4.14

0.21

(0.06)

0.15

(0.22)

-

(0.22)

4.07

3.79

112,350

0.90

0.90

5.21

34

Year ended 02/28/18

4.23

0.21

(0.08) 0.13

(0.22)

-

(0.22)

4.14

3.09

116,954 0.82

0.83

4.94


3.84

0.22

0.40

0.62

(0.22)

(0.01)

(0.23)

4.23 16.44

201,080

0.75

0.76

5.35

99

Investor Class


3.97

0.08

0.03

0.11

(0.09)

-

(0.09)

3.99

2.81

75,361 1.02 (d)

1.02 (d)

3.95 (d)


3.96

0.18

0.06

0.24

(0.22)

(0.01)

(0.23)

3.97

6.59

74,887

1.07

1.07

4.89


4.05

0.21

(0.07)

0.14

(0.23)

-

(0.23)

3.96

3.53

80,043 1.01

1.02

5.09


4.13

0.20

(0.07)

0.13

(0.21)

-

(0.21)

4.05

3.31

79,404 1.15

1.15

4.96


4.21

0.20

(0.07)

0.13

(0.21)

-

(0.21)

4.13

3.11 (e)

97,913

1.01 (e)

1.02 (e)

4.75 (e)

56

Year ended 02/28/17

3.83

0.21

0.39

0.60

(0.21)

(0.01)

(0.22)

4.21

15.95 (e) 105,545

0.96 (e)

0.97 (e)

5.14 (e)

99

Class R

5

Six m


3.96

0.09

0.03

0.12

(0.10)

-

(0.10)

3.98

2.97

36,430

0.71 (d)

0.71 (d)

4.26 (d)

51

Year ended 02/28/21

3.94

0.20

0.06

0.26

(0.23)

(0.01)

(0.24)

3.96

7.21

38,676 0.74

0.74

5.22

101

Year ended 02/29/20

4.04

0.22

(0.07) 0.15

(0.25)

-

(0.25)

3.94

3.75

55,520

0.68

0.69

5.42

62

Year ended 02/28/19

4.12

0.21

(0.07) 0.14

(0.22)

-

(0.22)

4.04

3.59

64,804

0.84

0.84

5.27

34

Year ended 02/28/18

4.20

0.21

(0.07) 0.14

(0.22)

-

(0.22)

4.12

3.40

75,185

0.75

0.76

5.01

56

Year ended 02/28/17

3.82

0.22

0.39

0.61

(0.22)

(0.01)

(0.23)

4.20

16.32

88,644

0.66

0.67

5.44

99

Class R

6

Six m


3.97

0.09

0.03

0.12

(0.10)

-

(0.10)

3.99

3.01

92,696

0.63 (d)

0.63 (d)

4.34 (d)

51

Year ended 02/28/21

3.95

0.20

0.07

0.27

(0.24)

(0.01)

(0.25)

3.97

7.29

83,282 0.65

0.65

5.31

101

Year ended 02/29/20

4.05

0.22

(0.07) 0.15

(0.25)

-

(0.25)

3.95

3.70

190,003 0.59

0.60

5.51


4.12

0.22

(0.06)

0.16

(0.23)

-

(0.23)

4.05

3.94

186,913

0.75

0.75

5.36

34

Year ended 02/28/18

4.20

0.21

(0.07) 0.14

(0.22)

-

(0.22)

4.12

3.49

195,027 0.66

0.67

5.10


3.82

0.23

0.39

0.62

(0.23)

(0.01)

(0.24)

4.20 16.42

157,367

0.57

0.58

5.53

99

(a) C

alculated using average shares outstanding.





6*ESS 0C

LSWP64RS2621.10.7.0





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Page 2 of 2



nited States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values m

ay differ fromthe net asset value and returns for shareholder transactions. D

oes not include sales charges and is not annualized for periods less than one year, if applicable.(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.(d)

Annualized.(e)

The total return, ratio of expenses to average net assets and ratio of net investment incom

e to average net assets reflect actual 12b-1 fees of 0.19% and 0.21%

for the years ended February 28, 2018 and 2017, respectively. See accom

panying Notes to Financial Statem

ents which are an integral part of the financial statem

ents. 16

Invesco H

igh Yield Fund

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Invesco High Yield Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the“Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficialinterest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will bevoted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y

and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certainwaiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”).Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C sharesheld for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”).The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversaryafter a purchase of Class C shares.


The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.











B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are





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Page 2 of 217 Invesco High Yield Fund

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LSWP64RS2621.10.7.0

Page 1 of 1computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on anaccrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debtsecurities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash arerecorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recordedas adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.












I. Foreign Currency Translations –Foreign currency is valued at the close of the NYSE based on quotations posted by banks and majorcurrency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollaramounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and incomeitems denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funddoes not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investmentsand the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchangerates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realizedand unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or lossesarise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securitiestransactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’sbooks and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arisefrom changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changesin exchange rates.


J. Forward Foreign Currency Contracts –The Fund may engage in foreign currency transactions either on a spot (i.e. for promptdelivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.



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Page 1 of 1A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for

an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of theunderlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value ofthese contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealizedappreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realizedand unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forwardforeign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currencychanging unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives thepurchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the statedexercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options writtenby the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call optionmay be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives thebuyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiverswaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also includeoptions that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and anequivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect thecurrent market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund entersinto a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premiumreceived when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related tosuch option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of theunderlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains andlosses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealizedappreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity forprofit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that theFund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statementof Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the optionpurchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Netrealized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option isthat the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondarymarket will exist for any option purchased.

L. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, orforeign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell theoption’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlyinginstrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives thebuyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiverswaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also includeoptions that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If securityprices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because themaximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profitfrom an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the formof option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the optionwill not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than thepremium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealizedgains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain(loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively.A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be noassurance that a liquid secondary market will exist for any option purchased.

M. Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, bothin overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans aretraded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such amarket may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which mayimpair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately valueexisting and prospective investments. Extended trade settlement periods may result in cash not being immediately available to theFund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet itsobligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity withwhich the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to managecounterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor theirobligations and by monitoring the financial stability of those counterparties.

N. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interestrate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out theuse of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selectionof widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remainsuncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fundor the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics ofany alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments usingan alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption ofalternative reference rates could result in losses to the Fund.

O. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument orenters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

P. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks

keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign ratesmay expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly thosewith longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightenedvolatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price maydecline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentiallyincrease portfolio turnover and the Fund’s transaction costs.


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Page 1 of 1The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of

comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk ofdefault by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.




Average Daily Net Assets RateFirst $ 200 million 0.625%Next $300 million 0.550%Next $500 million 0.500%Over $1 billion 0.450%


Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and InvescoAsset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paidto the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on thepercentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50%, 1.25% and1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisoryfees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operatingexpenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense onshort sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did notactually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30,2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory feewaivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under thisexpense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in anamount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund ofuninvested cash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $4,938.The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 underthe 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to thePlans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of theaverage daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share ofexpenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assetsof Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assetsof each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares ofsuch classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the FinancialIndustry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid byany class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statementof Operations as Distribution fees. Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $31,673 in front-end sales commissions from the sale of Class A shares and $1,634 and $518 from Class A andClass C shares, respectively, for CDSC imposed upon redemptions by shareholders.


NOTE 3–Additional Valuation InformationGAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level: Level 1 – Prices are determined using quoted prices in an active market for identical assets. 20 Invesco High Yield Fund

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Level 3 –


The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations maynot be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation,the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. Level 1 Level 2 Level 3 Total


U.S. Dollar Denominated Bonds & Notes $ – $837,394,768 $– $837,394,768

Variable Rate Senior Loan Interests – 80,893,442 – 80,893,442

Non-U.S. Dollar Denominated Bonds & Notes – 11,298,760 – 11,298,760

Common Stocks & Other Equity Interests 635,365 – 0 635,365

Money Market Funds 33,802,847 – – 33,802,847

Options Purchased 460,578 – – 460,578

Total Investments in Securities 34,898,790 929,586,970 0 964,485,760


Forward Foreign Currency Contracts – 39,169 – 39,169



Options Written (172,850) – – (172,850)

(172,850) (56,067) – (228,917)

Total Other Investments (172,850) (16,898) 0 (189,748)

Total Investments $34,725,940 $929,570,072 $0 $964,296,012

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options Written are shown at value.

NOTE 4–Derivative InvestmentsThe Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which afund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral postingarrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk throughnetting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing lawof the ISDA Master Agreement, among other factors.




Value

Derivative Assets Currency

Risk EquityRisk Total

Unrealized appreciation on forward foreign currency contracts outstanding $ 39,169 $ - $ 39,169

Options purchased, at value - Exchange-Traded(a) - 460,578 460,578

Total Derivative Assets 39,169 460,578 499,747

Derivatives not subject to master netting agreements - (460,578) (460,578)

Total Derivative Assets subject to master netting agreements $ 39,169 $ - $ 39,169

Value

Derivative Liabilities Currency


Unrealized depreciation on forward foreign currency contracts outstanding $(56,067) $ - $ (56,067)

Options written, at value - Exchange-Traded - (172,850) (172,850)

Total Derivative Liabilities (56,067) (172,850) (228,917)

Derivatives not subject to master netting agreements - 172,850 172,850

Total Derivative Liabilities subject to master netting agreements $(56,067) $ - $ (56,067)

(a) Options purchased, at value as reported in the Schedule of Investments. 21 Invesco High Yield Fund

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Financial Financial Derivative Derivative Collateral Assets Liabilities (Received)/Pledged Forward Foreign Forward Foreign Net Value of Net Counterparty Currency Contracts Currency Contracts Derivatives Non-Cash Cash Amount

Citibank, N.A. $ - $(56,067) $(56,067) $- $- $(56,067)

Goldman Sachs International 39,169 - 39,169 - - 39,169

Total $39,169 $(56,067) $(16,898) $- $- $(16,898)




Currency


Realized Gain (Loss): Forward foreign currency contracts $474,959 $ - $ 474,959

Options purchased(a) - (382,555) (382,555)

Options written - (60,918) (60,918)

Change in Net Unrealized Appreciation (Depreciation): Forward foreign currency contracts (46,384) - (46,384)

Options purchased(a) - (786,678) (786,678)

Options written - 327,010 327,010

Total $428,575 $(903,141) $(474,566)

(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation(depreciation) of investment securities.


Forward Equity Equity Foreign Currency Options Options Contracts Purchased Written

Average notional value $18,631,889 $10,011,767 $11,043,417

Average Contracts - 5,074 4,770






The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time theborrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, thecustodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amountdue custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensatingbalance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying thecustodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund maynot purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when anyborrowings from an Invesco Fund are outstanding. 22 Invesco High Yield Fund

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* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited dependingupon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.




Aggregate unrealized appreciation of investments $ 24,916,558


Net unrealized appreciation of investments $ 8,916,355


NOTE 10–Share Information Summary of Share Activity

Six months ended Year ended August 31, 2021(a) February 28, 2021


Sold: Class A 16,792,188 $ 66,827,442 29,195,845 $ 110,136,013

Class C 1,027,471 4,080,619 2,347,529 8,647,952

Class Y 2,242,480 8,950,382 11,252,740 40,046,832

Investor Class 8,511,108 33,900,969 9,686,952 36,495,466

Class R5 714,716 2,837,524 3,319,296 12,755,668

Class R6 4,246,463 16,909,979 8,091,930 30,114,155


Class C 85,010 338,286 318,397 1,192,841

Class Y 204,995 819,956 670,224 2,521,039

Investor Class 352,652 1,405,883 989,542 3,722,290

Class R5 225,707 896,775 732,116 2,735,497

Class R6 513,278 2,046,392 2,060,063 7,624,253


Class C (334,039) (1,326,457) (1,949,808) (7,557,588)


Class C (1,199,270) (4,760,566) (2,988,920) (11,097,749)

Class Y (1,398,667) (5,583,452) (14,458,192) (52,747,089)

Investor Class (8,859,012) (35,276,383) (12,042,096) (45,630,739)

Class R5 (1,565,918) (6,206,576) (8,360,698) (31,725,009)

Class R6 (2,536,416) (10,094,302) (37,259,909) (140,236,251)

Net increase (decrease) in share activity 5,416,655 $ 21,600,808 (39,722,153) $(149,948,935)



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Actual expenses






HYPOTHETICAL (5% annual return before ACTUAL expenses) Beginning Ending Expenses Ending Expenses Annualized Account Value Account Value Paid During Account Value Paid During Expense (03/01/21) (08/31/21)1 Period2 (08/31/21) Period2 Ratio

Class A $1,000.00 $1,028.10 $5.21 $1,020.06 $5.19 1.02%Class C 1,000.00 1,024.30 9.03 1,016.28 9.00 1.77 Class Y 1,000.00 1,029.40 3.94 1,021.32 3.92 0.77

Investor Class 1,000.00 1,028.10 5.21 1,020.06 5.19 1.02 Class R5 1,000.00 1,029.70 3.63 1,021.63 3.62 0.71 Class R6 1,000.00 1,030.10 3.22 1,022.03 3.21 0.63




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or theTrustees) of AIM Investment SecuritiesFunds (Invesco Investment SecuritiesFunds) as a whole, and the independentTrustees, who comprise over 75% of theBoard, voting separately, approved thecontinuance of the Invesco High YieldFund’s (the Fund) Master InvestmentAdvisory Agreement with Invesco Advisers,Inc. (Invesco Advisers and the investmentadvisory agreement) and the MasterIntergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, InvescoHong Kong Limited, Invesco SeniorSecured Management, Inc. and InvescoCanada Ltd. and separate sub-advisorycontracts with Invesco CapitalManagement LLC and Invesco AssetManagement (India) Private Limited(collectively, the Affiliated Sub-Advisersand the sub-advisory contracts) for anotheryear, effective July 1, 2021. Afterevaluating the factors discussed below,among others, the Board approved therenewal of the Fund’s investment advisoryagreement and the sub-advisory contractsand determined that the compensationpayable thereunder by the Fund to InvescoAdvisers and by Invesco Advisers to the









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Affiliated Sub-Advisers is fair andreasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meetregularly with portfolio managers for theirassigned Invesco Funds and othermembers of management to reviewdetailed information about investmentperformance and portfolio attributes ofthese funds. The Board has establishedadditional standing and ad hoc committeesthat meet regularly throughout the year toreview matters within their purview. TheBoard took into account evaluations andreports that it received from its committeesand sub-committees, as well as theinformation provided to the Board and itscommittees and sub-committeesthroughout the year, in consideringwhether to approve each Invesco Fund’sinvestment advisory agreement andsub-advisory contracts.




The Board reviewed the nature, extent andquality of the advisory services provided tothe Fund by Invesco Advisers under theFund’s investment advisory agreement, andthe credentials and experience of theofficers and employees of Invesco Adviserswho provide these services, including theFund’s portfolio manager(s). The Board’sreview included consideration of InvescoAdvisers’ investment process and oversight,credit analysis, and research capabilities.The Board considered information regardingInvesco Advisers’ programs for andresources devoted to risk management,including management of investment,enterprise, operational, liquidity, valuationand compliance risks, and technology usedto manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator ofthe Invesco Funds’ liquidity riskmanagement program. The Board receiveda description of Invesco Advisers’ businesscontinuity plans and of its approach to dataprivacy and cybersecurity, including relatedtesting. The Board considered how thecybersecurity and business continuity plansof Invesco Advisers and its key serviceproviders operated in the increased remoteworking environment resulting from thenovel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisoryservices that Invesco Advisers and itsaffiliates provide to the Invesco Funds suchas various back office support functions,third party oversight, internal audit,valuation, portfolio trading and legal andcompliance. The Board observed thatInvesco Advisers has been able toeffectively manage, operate and oversee theInvesco Funds through the challengingCOVID-19 pandemic period. The Boardreviewed and considered the benefits toshareholders of investing in a Fund that is

resources and talents of the AffiliatedSub-Advisers in managing the Fund. TheBoard concluded that the nature, extentand quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board did not view Fund investmentperformance as a relevant factor inconsidering whether to approve thesub-advisory contracts for the Fund, as noAffiliated Sub-Adviser currently managesassets of the Fund.

The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theBloomberg Barclays U.S. Corporate HighYield 2% Issuer Cap Index (Index). TheBoard noted that performance of Class Ashares of the Fund was in the fifth quintileof its performance universe for the one,three and five year periods (the firstquintile being the best performing fundsand the fifth quintile being the worstperforming funds). The Board noted thatperformance of Class A shares of the Fundwas below the performance of the Indexfor the one, three and five year periods.The Board noted that the Fund’s securityselection in certain industries and sectorsand exposure to longer duration credits, aswell as unsuccessful credit hedges,negatively impacted Fund performance.The Board recognized that theperformance data reflects a snapshot intime as of a particular date and thatselecting a different performance periodcould produce different results. The Boardalso reviewed more recent Fundperformance as well as other performancemetrics, which did not change itsconclusions.C. Advisory and Sub-Advisory Fees andFund ExpensesThe Board compared the Fund’scontractual management fee rate to thecontractual management fee rates of fundsin the Fund’s Broadridge expense

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group. The Board noted that thecontractual management fee rate forClass A shares of the Fund wasreasonably comparable to the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe term “contractual management fee” forfunds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.The Board noted that the Fund’s totalexpense ratio was in the fourth quintile ofits expense group and discussed withmanagement reasons for such relativetotal expenses.


The Board also considered the feescharged by Invesco Advisers and itsaffiliates to other client accounts that aresimilarly managed. Invesco Advisersreviewed with the Board differences in thescope of services it provides to the InvescoFunds relative to that provided by InvescoAdvisers and its affiliates to certain othertypes of client accounts, including, amongothers: management of cash flows as aresult of redemptions and purchases;necessary infrastructure such as officers,office space, technology, legal anddistribution; oversight of service providers;costs and business risks associated withlaunching new funds and sponsoring andmaintaining the product line; andcompliance with federal and state laws andregulations. Invesco Advisers also advisedthe Board that many of the similarlymanaged client accounts have all-inclusivefee structures, which are not easily

business infrastructure, technology andcybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs of theadvisory and other services that InvescoAdvisers and its affiliates provide to theFund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Board consideredthe methodology used for calculatingprofitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided.The Board noted that Invesco Advisersprovided information demonstrating thatInvesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its



equal to 100% of the net advisory feeInvesco Advisers receives from theaffiliated money market funds with respectto the Fund’s investment in the affiliatedmoney market funds of uninvested cash,but not cash collateral. The Boardconcluded that the advisory fees payableto Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund.






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un-bundled.The Board also considered the services

that may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefitsfrom economies of scale throughcontractual breakpoints in the Fund’sadvisory fee schedule, which generallyoperate to reduce the Fund’s expense ratioas it grows in size. The Board noted thatthe Fund also shares in economies ofscale through Invesco Advisers’ ability tonegotiate lower fee arrangements withthird party service providers. The Boardnoted that the Fund may also benefit fromeconomies of scale through initial feesetting, fee waivers and expensereimbursements, as well as InvescoAdvisers’ investment in its business,including investments in

realized by Invesco Advisers and theAffiliated Sub-Advisers as a result ofportfolio brokerage transactions executedthrough “soft dollar” arrangements. InvescoAdvisers noted that the Fund does notexecute brokerage transactions through“soft dollar” arrangements to any significantdegree.

The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending arrangements may beinvested in registered money market fundsor, with regard to securities lending cashcollateral, unregistered funds that complywith Rule 2a-7 (collectively referred to as“affiliated money market funds”) advised byInvesco Advisers. The Board consideredinformation regarding the returns of theaffiliated money market funds relative tocomparable overnight investments, as wellas the fees paid by the affiliated moneymarket funds to Invesco Advisers and itsaffiliates. In this regard, the Board noted thatInvesco Advisers receives advisory feesfrom these affiliated money market fundsattributable to the Fund’s investments. TheBoard also noted that Invesco Advisers hascontractually agreed to waive throughvarying periods an amount

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SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. HYI-SAR-1

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209905 EDG 1INVESCOHIGH YIELD BOND FACT



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Semiannual Report to Shareholders

August 31, 2021

Invesco High Yield Bond Factor Fund Nasdaq: A: OGYAX ∎ C: OGYCX ∎ R: OGYNX ∎ Y: OGYYX ∎ R5: GBHYX ∎ R6: OGYIX




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Fund Performance

2 Invesco High Yield Bond Factor Fund

Performance summary


Class A Shares 3.36% Class C Shares 3.09 Class R Shares 3.34 Class Y Shares 3.59 Class R5 Shares 3.59 Class R6 Shares 3.48 Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (BroadMarket/Style-Specific Index) 3.82 Source(s): ▼RIMES Technologies Corp. The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is anunmanaged index considered representative of the US high-yield, fixed-ratecorporate bond market. Index weights for each issuer are capped at 2%. The Fund is not managed to track the performance of any particular index,including the index(es) described here, and consequently, the performance of theFund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated,index results include reinvested dividends, and they do not reflect sales charges.Performance of the peer group, if applicable, reflects fund expenses; performanceof a market index does not.

For more information about your FundRead the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” tolocate your Fund; then click on its name to access its product detail page. There, you can learnmore about your Fund’s investment strategies, holdings and performance. Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share theirinsights about market and economic news and trends.

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Class A Shares Inception (11/8/13) 3.73% 5 Years 4.35 1 Year 4.68 Class C Shares Inception (11/8/13) 3.58% 5 Years 4.55 1 Year 7.66 Class R Shares Inception (11/8/13) 4.07% 5 Years 5.04 1 Year 9.20 Class Y Shares Inception (11/8/13) 4.62% 5 Years 5.59 1 Year 9.74 Class R5 Shares Inception 4.39% 5 Years 5.41 1 Year 9.74 Class R6 Shares Inception (11/8/13) 4.65% 5 Years 5.60 1 Year 9.62

Effective May 24, 2019, Class A,Class C, Class R, Class Y and Class Ishares of the Oppenheimer GlobalHigh Yield Fund, (the predecessorfund), were reorganized into Class A,Class C, Class R, Class Y and ClassR6 shares, respectively, of the InvescoOppenheimer Global High Yield Fund.The Fund was subsequently renamedthe Invesco High Yield Bond FactorFund (the Fund). Returns shownabove, for periods ending on or priorto May 24, 2019, for Class A, Class C,Class R, Class Y and Class R6 sharesare those for Class A, Class C,Class R, Class Y and Class I shares ofthe predecessor fund. Share classreturns will differ from thepredecessor fund because of differentexpenses. For periods prior toFebruary 28, 2020, performance shownis that of the Fund using its previousinvestment strategy. Therefore, thepast performance shown for periodsprior to February 28, 2020 may havediffered had the Fund’s currentinvestment strategy been in effect. Class R5 shares incepted onMay 24, 2019. Performance shown onand prior to that date is that of thepredecessor fund’s Class A shares atnet asset value and includes the 12b-1fees applicable to Class A shares. The performance data quotedrepresent past performance andcannot guarantee future results;current performance may be lower orhigher. Please visit invesco.com/performance for the most recentmonth-end performance. Performancefigures reflect reinvested distributions,changes in

net asset value and the effect of themaximum sales charge unlessotherwise stated. Performance figuresdo not reflect deduction of taxes ashareholder would pay on Funddistributions or sale of Fund shares.Investment return and principal valuewill fluctuate so that you may have again or loss when you sell shares. Class A share performance reflectsthe maximum 4.25% sales charge, andClass C share performance reflects theapplicable contingent deferred salescharge (CDSC) for the period involved.The CDSC on Class C shares is 1% forthe first year after purchase. Class R,Class Y, Class R5 and Class R6 sharesdo not have a front-end sales charge ora CDSC; therefore, performance is atnet asset value. The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses. Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursedexpenses currently or in the past,returns would have been lower. Seecurrent prospectus for moreinformation.

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In compliance with Rule 22e-4 under theInvestment Company Act of 1940, asamended (the “Liquidity Rule”), the Fundhas adopted and implemented a liquidityrisk management program in accordancewith the Liquidity Rule (the “Program”).The Program is reasonably designed toassess and manage the Fund’s liquidityrisk, which is the risk that the Fund couldnot meet redemption requests withoutsignificant dilution of remaining investors’interests in the Fund. The Board ofTrustees of the Fund (the “Board”) hasappointed Invesco Advisers, Inc.(“Invesco”), the Fund’s investmentadviser, as the Program’s administrator,and Invesco has delegated oversight ofthe Program to the Liquidity RiskManagement Committee (the“Committee”), which is composed ofsenior representatives from relevantbusiness groups at Invesco.


without the sale or dispositionsignificantly changing the market valueof the investment). The Liquidity Ruleand the Program also require reportingto the Board and the SEC (on a non-public basis) if a Fund’s holdings ofIlliquid Investments exceed 15% of theFund’s assets.

At a meeting held on March 22-24, 2021,the Committee presented a report to theBoard that addressed the operation ofthe Program and assessed theProgram’s adequacy and effectivenessof implementation (the “Report”). TheReport covered the period fromJanuary 1, 2020 through December 31,2020 (the “Program Reporting Period”).The Report discussed notable eventsaffecting liquidity over the ProgramReporting Period, including the impact ofthe coronavirus pandemic on the Fundand the overall market. The Reportnoted that there were no materialchanges to the Program during theProgram Reporting Period.The Report stated, in relevant part, thatduring the Program Reporting Period:


∎ The Fund’s investment strategyremained appropriate for an open-endfund;

∎ The Fund was able to meet requests forredemption without significant dilution ofremaining investors’ interests in theFund;



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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco High Yield Bond Factor Fund


U.S. Dollar Denominated Bonds & Notes–91.49% Aerospace & Defense–2.14% Bombardier, Inc. (Canada),

7.50%, 03/15/2025(b) $ 36,000 $ 37,027

7.88%, 04/15/2027(b) 42,000 44,087

Howmet Aerospace, Inc., 5.13%, 10/01/2024 166,000 182,646

5.90%, 02/01/2027 100,000 118,003

Rolls-Royce PLC (United Kingdom),5.75%, 10/15/2027(b) 200,000 219,617

TransDigm, Inc., 5.50%, 11/15/2027 75,000 76,798

Triumph Group, Inc., 8.88%,06/01/2024(b) 139,000 153,247

831,425

Agricultural Products–0.54% JBS USA Food Co., 7.00%,

01/15/2026(b) 200,000 210,500

Airlines–0.92% American Airlines, Inc./AAdvantage

Loyalty IP Ltd., 5.75%,04/20/2029(b) 135,000 145,965

Delta Air Lines, Inc., 2.90%,10/28/2024 177,000 180,449

United Airlines, Inc., 4.38%,04/15/2026(b) 28,000 29,102

355,516

Alternative Carriers–0.96% Lumen Technologies, Inc.,

Series W, 6.75%, 12/01/2023 131,000 144,270

Series P, 7.60%, 09/15/2039 121,000 134,480

Series U, 7.65%, 03/15/2042 86,000 95,976

374,726

Apparel, Accessories & Luxury Goods–0.59% G-III Apparel Group Ltd., 7.88%,

08/15/2025(b) 66,000 71,445

Hanesbrands, Inc., 4.63%,05/15/2024(b) 150,000 159,375

230,820

Auto Parts & Equipment–0.55% Clarios Global L.P./Clarios US

Finance Co., 8.50%, 05/15/2027(b) 32,000 34,200

Tenneco, Inc., 7.88%, 01/15/2029(b) 158,000 177,947

212,147

Automobile Manufacturers–3.06% Ford Motor Co.,

7.13%, 11/15/2025 75,000 88,509

6.63%, 10/01/2028 400,000 478,506

9.98%, 02/15/2047 65,000 106,034

Ford Motor Credit Co. LLC, 4.13%,08/04/2025 350,000 374,063

Winnebago Industries, Inc., 6.25%,07/15/2028(b) 132,000 142,420

1,189,532

Biotechnology–0.19% Emergent BioSolutions, Inc., 3.88%,

08/15/2028(b) 74,000 72,247


Broadcasting–2.24% AMC Networks, Inc.,

5.00%, 04/01/2024 $ 63,000 $ 63,866

4.25%, 02/15/2029 109,000 108,319

iHeartCommunications, Inc., 8.38%,05/01/2027 64,671 68,781

Liberty Interactive LLC, 8.25%,02/01/2030 195,000 219,649

Sinclair Television Group, Inc., 4.13%,12/01/2030(b) 82,000 80,268

TEGNA, Inc., 5.00%, 09/15/2029 310,000 328,569

869,452

Building Products–2.01% Builders FirstSource, Inc., 6.75%,

06/01/2027(b) 94,000 100,463

North Queensland Export Terminal Pty.Ltd. (Australia), 4.45%, 12/15/2022(b) 200,000 192,088

SRM Escrow Issuer LLC, 6.00%,11/01/2028(b) 201,000 213,311

Standard Industries, Inc., 5.00%,02/15/2027(b) 264,000 273,240

779,102

Cable & Satellite–2.69% CSC Holdings LLC, 6.50%,

02/01/2029(b) 287,000 317,135

DIRECTV Holdings LLC/DIRECTVFinancing Co., Inc, 5.88%,08/15/2027(b) 183,000 191,538

Telenet Finance Luxembourg Notes S.ar.l. (Belgium), 5.50%, 03/01/2028(b) 70,000 73,815

Telesat Canada/Telesat LLC (Canada),5.63%, 12/06/2026(b) 108,000 103,855

UPC Broadband Finco B.V.(Netherlands), 4.88%, 07/15/2031(b) 200,000 204,460

Ziggo B.V. (Netherlands), 5.50%,01/15/2027(b) 150,000 155,226

1,046,029

Casinos & Gaming–4.24% Affinity Gaming, 6.88%, 12/15/2027(b) 170,000 180,803

Caesars Entertainment, Inc., 8.13%,07/01/2027(b) 40,000 44,262

Caesars Resort Collection LLC/CRCFinco, Inc., 5.25%, 10/15/2025(b) 34,000 34,525

International Game Technology PLC,6.50%, 02/15/2025(b) 200,000 223,250

Melco Resorts Finance Ltd. (HongKong), 5.75%, 07/21/2028(b) 200,000 208,750

MGM China Holdings Ltd. (Macau),5.38%, 05/15/2024(b) 200,000 205,250

MGM Resorts International, 5.75%,06/15/2025 175,000 191,844

Sabre GLBL, Inc., 7.38%,09/01/2025(b) 210,000 222,337

Wynn Las Vegas LLC/Wynn LasVegas Capital Corp., 4.25%, 05/30/2023(b) 150,000 154,094

5.50%, 03/01/2025(b) 171,000 181,474

1,646,589

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Coal & Consumable Fuels–0.51% Alliance Resource Operating Partners

L.P./Alliance Resource Finance Corp.,7.50%, 05/01/2025(b) $196,000 $ 197,757

Murray Energy Corp., 12.00%,04/15/2024(b)(c) 130,760 667

198,424

Commodity Chemicals–0.80% Methanex Corp. (Canada),

5.13%, 10/15/2027 138,000 149,954

5.25%, 12/15/2029 147,000 160,549

310,503

Communications Equipment–1.49% CommScope Technologies LLC, 6.00%,

06/15/2025(b) 99,000 100,807

Plantronics, Inc., 4.75%, 03/01/2029(b) 180,000 172,562

Telefonaktiebolaget LM Ericsson(Sweden), 4.13%, 05/15/2022 159,000 162,999

ViaSat, Inc., 5.63%, 04/15/2027(b) 136,000 141,270

577,638


7.13%, 06/15/2024(b) 187,000 191,207

Construction & Engineering–0.68% Dycom Industries, Inc., 4.50%,

04/15/2029(b) 72,000 74,070

Fluor Corp., 4.25%, 09/15/2028 181,000 189,842

263,912

Construction Machinery & Heavy Trucks–0.22% Trinity Industries, Inc., 4.55%,

10/01/2024 82,000 87,278

Consumer Finance–2.37% ASG Finance Designated Activity Co.

(Cyprus), 7.88%, 12/03/2024(b) 200,000 193,000

Credit Acceptance Corp., 5.13%,12/31/2024(b) 139,000 143,344

Navient Corp., 5.88%, 10/25/2024 101,000 110,186

6.75%, 06/25/2025 160,000 178,600

OneMain Finance Corp., 8.25%, 10/01/2023 165,000 185,639

6.13%, 03/15/2024 101,000 108,701

919,470

Copper–0.40% Freeport-McMoRan, Inc., 4.55%,

11/14/2024 142,000 153,892

Department Stores–1.20% Macy’s Retail Holdings LLC, 3.63%,

06/01/2024 352,000 365,654

Nordstrom, Inc., 6.95%, 03/15/2028 85,000 100,589

466,243

Diversified Banks–0.47% Banco Mercantil del Norte S.A.

(Mexico), 7.50%(b)(d)(e) 160,000 181,343


Diversified Capital Markets–0.85% Deutsche Bank AG (Germany), 4.30%,

05/24/2028(d) $318,000 $ 329,452

Diversified Chemicals–0.41% NOVA Chemicals Corp. (Canada),

4.25%, 05/15/2029(b) 160,000 161,000

Diversified Metals & Mining–0.27% Mineral Resources Ltd. (Australia),

8.13%, 05/01/2027(b) 95,000 103,669

Diversified REITs–1.62% iStar, Inc., 4.75%, 10/01/2024 153,000 162,570

MGM Growth Properties OperatingPartnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024 115,000 125,494

Uniti Group L.P./Uniti Fiber Holdings,Inc./CSL Capital LLC, 7.88%,02/15/2025(b) 183,000 195,810

VICI Properties L.P./VICI Note Co., Inc.,3.50%, 02/15/2025(b) 140,000 143,675

627,549

Diversified Support Services–0.29% Ritchie Bros. Auctioneers, Inc. (Canada),

5.38%, 01/15/2025(b) 111,000 113,775

Drug Retail–0.15% Rite Aid Corp., 8.00%, 11/15/2026(b) 55,000 56,782

Education Services–0.02% Graham Holdings Co., 5.75%,

06/01/2026(b) 9,000 9,394

Electric Utilities–0.79% InterGen N.V. (Netherlands), 7.00%,

06/30/2023(b) 200,000 198,256

Talen Energy Supply LLC, 7.25%,05/15/2027(b) 127,000 109,972

308,228

Electrical Components & Equipment–0.64% Sensata Technologies B.V.,

4.88%, 10/15/2023(b) 100,000 107,136

5.63%, 11/01/2024(b) 128,000 142,560

249,696

Electronic Components–0.15% Brightstar Escrow Corp., 9.75%,

10/15/2025(b) 55,000 59,331

Environmental & Facilities Services–0.73% GFL Environmental, Inc. (Canada),

4.25%, 06/01/2025(b) 170,000 176,588

Stericycle, Inc., 5.38%, 07/15/2024(b) 105,000 107,759

284,347

Fertilizers & Agricultural Chemicals–0.59% CVR Partners L.P./CVR Nitrogen Finance

Corp., 9.25%, 06/15/2023(b) 12,000 12,070

Eurochem Finance DAC (Russia),5.50%, 03/13/2024(b) 200,000 217,521

229,591

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Food Distributors–0.38% C&S Group Enterprises LLC, 5.00%,

12/15/2028(b) $ 150,000 $ 148,696

Footwear–0.28% Abercrombie & Fitch Management Co.,

8.75%, 07/15/2025(b) 97,000 106,821

Gas Utilities–0.39% AmeriGas Partners L.P./AmeriGas

Finance Corp., 5.63%, 05/20/2024 138,000 151,110

Health Care Equipment–0.42% Varex Imaging Corp., 7.88%,

10/15/2027(b) 146,000 164,637

Health Care Facilities–1.90% Change Healthcare Holdings

LLC/Change Healthcare Finance,Inc., 5.75%, 03/01/2025(b) 33,000 33,371

HCA, Inc., 5.38%, 02/01/2025 129,000 145,529

7.50%, 11/15/2095 30,000 45,827

RegionalCare Hospital PartnersHoldings, Inc./LifePoint Health, Inc.,9.75%, 12/01/2026(b) 31,000 33,015

Tenet Healthcare Corp., 6.75%, 06/15/2023 35,000 37,975

4.63%, 07/15/2024 72,000 73,080

4.63%, 09/01/2024(b) 120,000 123,000

7.50%, 04/01/2025(b) 131,000 140,339

6.13%, 10/01/2028(b) 99,000 104,693

736,829

Health Care REITs–0.29% Diversified Healthcare Trust, 4.75%,

02/15/2028 110,000 111,547

Health Care Services–1.27% Community Health Systems, Inc.,

6.88%, 04/15/2029(b) 33,000 34,320

6.13%, 04/01/2030(b) 33,000 33,309

Omnicare, Inc., 4.75%, 12/01/2022 30,000 31,080

Prime Healthcare Services, Inc., 7.25%,11/01/2025(b) 195,000 208,894

US Acute Care Solutions LLC, 6.38%,03/01/2026(b) 178,000 185,343

492,946

Homebuilding–1.01% LGI Homes, Inc., 4.00%, 07/15/2029(b) 187,000 188,199

New Home Co., Inc. (The), 7.25%,10/15/2025(b) 100,000 106,240

TRI Pointe Group, Inc./TRI PointeHomes, Inc., 5.88%, 06/15/2024 90,000 99,896

394,335

Hotel & Resort REITs–1.45% FelCor Lodging L.P., 6.00%, 06/01/2025 140,000 143,255

Service Properties Trust, 4.65%, 03/15/2024 159,000 161,189

4.35%, 10/01/2024 177,000 179,655

4.95%, 02/15/2027 78,000 78,122

562,221


Hotels, Resorts & Cruise Lines–2.50% Carnival Corp.,

11.50%, 04/01/2023(b) $ 22,000 $ 24,743

9.88%, 08/01/2027(b) 92,000 106,145

Hilton Grand Vacations BorrowerLLC/Hilton Grand Vacations Borrower,Inc., 6.13%, 12/01/2024 234,000 243,251

Royal Caribbean Cruises Ltd., 9.13%, 06/15/2023(b) 150,000 163,687

11.50%, 06/01/2025(b) 73,000 84,133

Travel + Leisure Co., 5.65%, 04/01/2024 7,000 7,550

Series J, 6.00%, 04/01/2027 174,000 192,755

VOC Escrow Ltd., 5.00%, 02/15/2028(b) 151,000 149,502

971,766

Independent Power Producers & Energy Traders–1.01% EnfraGen Energia Sur S.A./EnfraGen

Spain S.A./Prime Energia S.p.A.(Spain), 5.38%, 12/30/2030(b) 200,000 198,868

TerraForm Power Operating LLC,4.25%, 01/31/2023(b) 188,000 193,405

392,273

Industrial Conglomerates–0.35% Icahn Enterprises L.P./Icahn Enterprises

Finance Corp., 4.75%, 09/15/2024 131,000 135,989

Industrial Machinery–0.39% SPX FLOW, Inc., 5.88%, 08/15/2026(b) 76,000 78,233

TriMas Corp., 4.13%, 04/15/2029(b) 73,000 74,452

152,685

Insurance Brokers–0.17% Alliant Holdings Intermediate LLC/Alliant

Holdings Co-Issuer, 6.75%,10/15/2027(b) 32,000 33,320

HUB International Ltd., 7.00%,05/01/2026(b) 33,000 34,183

67,503

Integrated Oil & Gas–0.78% Occidental Petroleum Corp.,

6.95%, 07/01/2024 100,000 112,769

2.90%, 08/15/2024 184,000 188,830

301,599

Integrated Telecommunication Services–3.16% Connect Finco S.a.r.l./Connect US Finco

LLC (United Kingdom), 6.75%,10/01/2026(b) 200,000 207,750

Embarq Corp., 8.00%, 06/01/2036 162,000 170,781

Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b) 170,000 177,863

5.88%, 11/01/2029 72,000 73,319

Ligado Networks LLC, 15.50%PIK Rate,0.00% Cash Rate, 11/01/2023(b)(f) 37,833 36,367

Telecom Italia S.p.A. (Italy), 5.30%,05/30/2024(b) 305,000 331,520

Windstream Escrow LLC/WindstreamEscrow Finance Corp., 7.75%,08/15/2028(b) 221,000 228,599

1,226,199

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Interactive Media & Services–0.61% Audacy Capital Corp., 6.50%,

05/01/2027(b) $102,000 $ 102,638

Cumulus Media New Holdings, Inc.,6.75%, 07/01/2026(b) 69,000 71,746

Diamond Sports GroupLLC/Diamond Sports FinanceCo., 5.38%, 08/15/2026(b) 94,000 62,562

236,946

Internet & Direct Marketing Retail–1.09% Photo Holdings Merger Sub, Inc.,

8.50%, 10/01/2026(b) 271,000 294,374

QVC, Inc., 4.85%, 04/01/2024 117,000 127,354

421,728

Investment Banking & Brokerage–0.39% FS Energy and Power Fund,

7.50%, 08/15/2023(b) 115,000 119,600

NFP Corp., 6.88%, 08/15/2028(b) 32,000 32,880

152,480

Leisure Facilities–0.69% NCL Corp. Ltd., 12.25%,

05/15/2024(b) 138,000 163,014

Vail Resorts, Inc., 6.25%,05/15/2025(b) 100,000 106,679

269,693

Managed Health Care–0.21% Magellan Health, Inc., 4.90%,

09/22/2024 73,000 80,512

Metal & Glass Containers–0.96% Ardagh Packaging Finance

PLC/Ardagh Holdings USA, Inc.,5.25%, 08/15/2027(b) 200,000 207,250

Ball Corp., 4.00%, 11/15/2023 123,000 130,226

Mauser Packaging SolutionsHolding Co., 7.25%,04/15/2025(b) 34,000 33,653

371,129

Movies & Entertainment–1.12% Banijay Entertainment S.A.S.U.

(France), 5.38%, 03/01/2025(b) 200,000 205,750

Cinemark USA, Inc., 8.75%, 05/01/2025(b) 100,000 108,488

5.88%, 03/15/2026(b) 20,000 19,925

Netflix, Inc., 5.75%, 03/01/2024 92,000 102,331

436,494

Office Services & Supplies–0.96% ACCO Brands Corp., 4.25%,

03/15/2029(b) 184,000 185,136

Pitney Bowes, Inc., 6.88%, 03/15/2027(b) 70,000 74,638

7.25%, 03/15/2029(b) 105,000 112,875

372,649

Oil & Gas Drilling–0.35% Harvest Midstream I L.P., 7.50%,

09/01/2028(b) 130,000 137,306

Oil & Gas Equipment & Services–0.26% Oceaneering International, Inc.,

4.65%, 11/15/2024 100,000 102,003

Oil & Gas Exploration & Production–7.11% Baytex Energy Corp. (Canada),

8.75%, 04/01/2027(b) 114,000 111,868


Oil & Gas Exploration & Production–(continued) CNX Resources Corp., 6.00%,

01/15/2029(b) $ 110,000 $ 114,723

Continental Resources, Inc., 3.80%,06/01/2024 204,000 218,025

CrownRock L.P./CrownRockFinance, Inc., 5.63%,10/15/2025(b) 103,000 106,211

Encino Acquisition Partners HoldingsLLC, 8.50%, 05/01/2028(b) 148,000 148,732

Endeavor Energy ResourcesL.P./EER Finance, Inc., 6.63%,07/15/2025(b) 68,000 72,196

EQT Corp., 6.63%, 02/01/2025 123,000 141,139

Genesis Energy L.P./Genesis EnergyFinance Corp., 5.63%, 06/15/2024 107,000 105,397

8.00%, 01/15/2027 124,000 123,291

Gulfport Energy Operating Corp., 6.38%, 05/15/2025 135,000 6,412

8.00%, 05/17/2026(b) 39,502 42,070

Hilcorp Energy I L.P./Hilcorp FinanceCo., 5.75%, 10/01/2025(b) 37,000 37,490

6.25%, 11/01/2028(b) 265,000 274,275

MEG Energy Corp. (Canada), 6.50%,01/15/2025(b) 136,000 140,590

Murphy Oil Corp., 6.88%, 08/15/2024 72,000 73,530

7.05%, 05/01/2029 80,000 88,906

6.38%, 12/01/2042 110,000 109,598

Par Petroleum LLC/Par PetroleumFinance Corp., 7.75%,12/15/2025(b) 83,000 82,590

PDC Energy, Inc., 6.13%, 09/15/2024 133,000 135,327

5.75%, 05/15/2026 145,000 150,742

Southwestern Energy Co., 4.10%,03/15/2022 290,000 291,286

Vermilion Energy, Inc. (Canada),5.63%, 03/15/2025(b) 186,000 188,152

2,762,550

Oil & Gas Refining & Marketing–2.12% CVR Energy, Inc.,

5.25%, 02/15/2025(b) 97,000 95,185

5.75%, 02/15/2028(b) 181,000 179,002

EnLink Midstream Partners L.P., 4.15%, 06/01/2025 75,000 77,342

4.85%, 07/15/2026 175,000 181,344

PBF Holding Co. LLC/PBF FinanceCorp., 7.25%, 06/15/2025 350,000 245,464

Weatherford International Ltd.,11.00%, 12/01/2024(b) 44,000 46,035

824,372

Oil & Gas Storage & Transportation–2.66% Buckeye Partners L.P., 4.13%,

03/01/2025(b) 100,000 103,503

EnLink Midstream LLC, 5.38%,06/01/2029 109,000 112,055

EQM Midstream Partners L.P., 4.00%, 08/01/2024 100,000 102,375

6.50%, 07/15/2048 168,000 190,008

Tallgrass Energy PartnersL.P./Tallgrass Energy FinanceCorp., 6.00%, 03/01/2027(b) 70,000 72,540

5.50%, 01/15/2028(b) 269,000 272,041

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Oil & Gas Storage & Transportation–(continued) Western Midstream Operating L.P.,

4.35%, 02/01/2025 $172,000 $ 180,956

1,033,478

Other Diversified Financial Services–2.10% CNG Holdings, Inc., 12.50%,

06/15/2024(b) 43,000 41,027

Enact Holdings, Inc., 6.50%,08/15/2025(b) 90,000 97,312

Global Aircraft Leasing Co. Ltd.(Cayman Islands), 7.25%PIK Rate,6.50% Cash Rate, 09/15/2024(b)(f) 275,642 273,575

Midcap Financial Issuer Trust, 5.63%,01/15/2030(b) 200,000 199,281

Operadora de Servicios Mega S.A. deC.V. Sofom ER (Mexico), 8.25%,02/11/2025(b) 200,000 203,999

815,194

Packaged Foods & Meats–0.53% Lamb Weston Holdings, Inc., 4.63%,

11/01/2024(b) 202,000 207,555

Paper Packaging–0.79% Graphic Packaging International LLC,

4.13%, 08/15/2024 68,000 72,690

Sealed Air Corp., 5.25%, 04/01/2023(b) 100,000 105,125

5.13%, 12/01/2024(b) 120,000 130,391

308,206

Paper Products–0.19% Clearwater Paper Corp., 5.38%,

02/01/2025(b) 68,000 72,457

Personal Products–1.82% Avon Products, Inc. (United Kingdom),

8.45%, 03/15/2043 107,000 142,026

Edgewell Personal Care Co., 5.50%,06/01/2028(b) 134,000 142,040

Herbalife Nutrition Ltd./HLF Financing,Inc., 7.88%, 09/01/2025(b) 199,000 216,212

Oriflame Investment Holding PLC(Switzerland), 5.13%, 05/04/2026(b) 200,000 205,580

705,858

Pharmaceuticals–3.20% Bausch Health Cos., Inc.,

5.50%, 11/01/2025(b) 173,000 177,178

5.00%, 01/30/2028(b) 153,000 146,194

6.25%, 02/15/2029(b) 195,000 193,795

7.25%, 05/30/2029(b) 60,000 61,879

5.25%, 01/30/2030(b) 233,000 219,345

Elanco Animal Health, Inc., 5.90%,08/28/2028 16,000 18,754

Endo Luxembourg Finance Co. IS.a.r.l./Endo US, Inc., 6.13%,04/01/2029(b) 160,000 158,606

P&L Development LLC/PLD FinanceCorp., 7.75%, 11/15/2025(b) 130,000 135,531

Par Pharmaceutical, Inc., 7.50%,04/01/2027(b) 130,000 131,787

1,243,069


Precious Metals & Minerals–0.00% Northwest Acquisitions ULC/Dominion

Finco, Inc., 7.13%, 11/01/2022(b)(c) $142,000 $ 185

Property & Casualty Insurance–0.19% MBIA, Inc., 5.70%, 12/01/2034 73,000 72,029

Regional Banks–0.61% CIT Group, Inc., 5.00%, 08/01/2023 100,000 107,875

Synovus Financial Corp., 5.90%,02/07/2029(d) 120,000 130,351

238,226

Research & Consulting Services–0.27% IHS Markit Ltd., 4.75%, 02/15/2025(b) 95,000 105,602

Restaurants–1.44% Aramark Services, Inc.,

5.00%, 04/01/2025(b) 196,000 201,305

6.38%, 05/01/2025(b) 143,000 151,551

Brinker International, Inc., 5.00%,10/01/2024(b) 70,000 74,116

Yum! Brands, Inc., 7.75%, 04/01/2025(b) 123,000 132,673

559,645

Security & Alarm Services–1.08% CoreCivic, Inc.,

4.63%, 05/01/2023 192,000 195,257

4.75%, 10/15/2027 75,000 69,344

Prime Security Services BorrowerLLC/Prime Finance, Inc., 5.25%,04/15/2024(b) 147,000 156,739

421,340

Semiconductor Equipment–0.37% Amkor Technology, Inc., 6.63%,

09/15/2027(b) 135,000 145,571

Specialized REITs–1.19% Iron Mountain, Inc.,

4.88%, 09/15/2029(b) 147,000 155,239

5.25%, 07/15/2030(b) 167,000 178,064

SBA Communications Corp., 4.88%,09/01/2024 127,000 129,064

462,367

Specialty Stores–1.03% Bed Bath & Beyond, Inc., 3.75%,

08/01/2024 100,000 103,250

Michaels Cos., Inc. (The), 7.88%,05/01/2029(b) 36,000 37,141

Staples, Inc., 7.50%, 04/15/2026(b) 257,000 260,534

400,925

Steel–1.93% ArcelorMittal S.A. (Luxembourg), 3.60%,

07/16/2024 158,000 168,328

Carpenter Technology Corp., 6.38%,07/15/2028 204,000 221,134

Cleveland-Cliffs, Inc., 6.75%,03/15/2026(b) 84,000 90,195

Infrabuild Australia Pty. Ltd. (Australia),12.00%, 10/01/2024(b) 69,000 73,729

SunCoke Energy, Inc., 4.88%,06/30/2029(b) 92,000 93,298

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Page 1 of 1


ETF - Exchange-Traded FundLIBOR - London Interbank Offered RatePfd. - PreferredPIK - Pay-in-KindREIT - Real Estate Investment TrustUSD - U.S. DollarWts. - Warrants



Steel–(continued) Warrior Met Coal, Inc., 8.00%,

11/01/2024(b) $103,000 $ 103,837

750,521

Systems Software–0.51% Banff Merger Sub, Inc., 9.75%,

09/01/2026(b) 24,000 25,200

Veritas US, Inc./Veritas BermudaLtd., 7.50%, 09/01/2025(b) 166,000 172,799

197,999

Technology Distributors–0.31% CDW LLC/CDW Finance Corp.,

5.50%, 12/01/2024 108,000 119,551

Technology Hardware, Storage & Peripherals–0.94% Xerox Corp., 6.75%, 12/15/2039 266,000 297,374

Xerox Holdings Corp., 5.50%,08/15/2028(b) 65,000 67,995

365,369

Thrifts & Mortgage Finance–0.24% MGIC Investment Corp., 5.75%,

08/15/2023 88,000 95,001

Tobacco–0.31% Vector Group Ltd., 5.75%,

02/01/2029(b) 118,000 120,213

Wireless Telecommunication Services–2.89% Sprint Corp.,

7.88%, 09/15/2023 155,000 175,801

7.13%, 06/15/2024 200,000 230,250

7.63%, 02/15/2025 145,000 171,825

T-Mobile USA, Inc., 2.25%,02/15/2026 51,000 52,148

VEON Holdings B.V. (Netherlands),4.95%, 06/16/2024(b) 200,000 215,839

Vmed O2 UK Financing I PLC(United Kingdom), 4.25%,01/31/2031(b) 277,000 278,044

1,123,907

Total U.S. Dollar DenominatedBonds & Notes(Cost $34,747,383) 35,550,095

Shares Exchange-Traded Funds–2.88% Invesco High Yield Bond Factor

ETF(Cost $ 1,109,352)(g) 43,455 1,120,053

Common Stocks & Other Equity Interests–0.36% Advertising–0.00% Cxloyalty Group, Inc., Wts., expiring

04/10/2024(h) 39 0

Shares Value

Apparel, Accessories & Luxury Goods–0.01% Claire’s Holdings LLC 20 $ 4,590

Coal & Consumable Fuels–0.02% ACNR Holdings, Inc. 232 6,148

Oil & Gas Equipment & Services–0.08% Superior Energy Services, Inc.(h) 761 31,201

Oil & Gas Exploration & Production–0.25% Gulfport Energy Operating Corp.(i) 1,483 99,153

Total Common Stocks & Other EquityInterests(Cost $101,683)

141,092

PrincipalAmount

U.S. Treasury Securities–0.19% U.S. Treasury Bills–0.19%

0.05%, 02/17/2022(Cost $72,984)(j)(k) $ 73,000 72,985

Variable Rate Senior Loan Interests–0.03%(l)(m) Apparel, Accessories & Luxury Goods–0.03% Claire’s Stores, Inc., Term Loan B,

6.58% (1 mo. USD LIBOR +6.50%), 12/18/2026 (Cost $10,665) 12,423 12,060

Shares Preferred Stocks–0.00% Apparel, Accessories & Luxury Goods–0.00% Claire’s Holdings LLC, Series A, Pfd.

(Cost $3,125) 5 1,204


Portfolio, Institutional Class,0.03%(g)(n) 488,282 488,282

Invesco Liquid Assets Portfolio,Institutional Class, 0.01%(g)(n) 385,990 386,144

Invesco Treasury Portfolio,Institutional Class, 0.01%(g)(n) 558,037 558,037

Total Money Market Funds (Cost $1,432,463) 1,432,463

TOTAL INVESTMENTS IN SECURITIES–98.64%(Cost $37,477,655)

38,329,952

OTHER ASSETS LESS LIABILITIES–1.36% 528,749

NET ASSETS-100.00% $38,858,701

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Page 1 of 1Notes to Schedule of Investments:



(c) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of thesesecurities at August 31, 2021 was $852, which represented less than 1% of the Fund’s Net Assets.

(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(e) Perpetual bond with no specified maturity date.(f) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.(g) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


Value


at Cost Proceeds

from Sales

Change inUnrealized

Appreciation

RealizedGain

(Loss) Value

August 31, 2021 Dividend IncomeInvesco High Yield Bond Factor

ETF $ 988,545 $ 792,089 $ (673,639) $ 19,673 $ (6,615) $ 1,120,053 $ 23,907Investments in Affiliated

Money Market Funds: Invesco Government &

Agency Portfolio,Institutional Class 156,793 3,803,236 (3,471,747) - - 488,282 20

Invesco Liquid AssetsPortfolio, InstitutionalClass 111,978 2,716,597 (2,442,431) - - 386,144 8

Invesco Treasury Portfolio,Institutional Class 179,192 4,346,555 (3,967,710) - - 558,037 8

Total $1,436,508 $11,658,477 $(10,555,527) $19,673 $(6,615) $2,552,516 $ 23,943

(h) Security valued using significant unobservable inputs (Level 3). See Note 3.(i) Non-income producing security.(j) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(l) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The


(m) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended(the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior secureddebt securities in the Invesco BL Fund, Ltd.’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float ata margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(n) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.



ExpirationMonth

NotionalValue Value


(Depreciation)Interest Rate Risk U.S. Treasury 5 Year Notes 3 December-2021 $ 371,156 $ (20) $ (20)U.S. Treasury 10 Year Notes 14 December-2021 1,868,344 4,656 4,656U.S. Treasury 10 Year Ultra Notes 13 December-2021 1,924,203 5,906 5,906U.S. Treasury Long Bonds 2 December-2021 325,938 906 906U.S. Treasury Ultra Bonds 1 December-2021 197,281 688 688

Subtotal–Long Futures Contracts 12,136 12,136

Short Futures Contracts Interest Rate Risk U.S. Treasury 2 Year Notes 9 December-2021 (1,982,953) (1,195) (1,195)

Total Futures Contracts $10,941 $10,941

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity Buy/Sell

Protection

(Pay)/Receive

FixedRate

PaymentFrequency

MaturityDate

ImpliedCredit

Spread(b) Notional Value

UpfrontPayments

Paid(Received) Value


Credit Risk Markit CDX North

America High YieldIndex, Series 36Version 1 Sell 5.00% Quarterly 06/20/2026 2.7697% USD 1,500,000 $138,510 $147,153 $8,643


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Page 1 of 1(a) Swaps are collateralized by $54,681 cash held with Citigroup Global Markets Inc., the Counterparty.(b) Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of

the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the creditdefault swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate adeteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate animproving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decreasereflecting the general tolerance for risk in the credit markets generally.


USD –U.S. Dollar

Portfolio Composition†*By credit quality, based on total investmentsas of August 31, 2021 AA 0.19% BBB 8.31 BB 64.01 B 19.74 CCC 1.66 Non-Rated 2.67 Equity 3.42 † Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the

creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings aremeasured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates thedebtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, pleasevisit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

* Excluding money market fund holdings, if any.


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Page 1 of 1




(Cost $ 34,935,840) $35,777,436

Investments in affiliates, at value(Cost $ 2,541,815) 2,552,516

Other investments: Variation margin receivable-centrally cleared

swap agreements 27,563

Deposits with brokers: Cash collateral – centrally cleared swap

agreements 54,681

Cash 300,473

Receivable for: Investments sold 613,308

Fund shares sold 3,889

Dividends 6

Interest 543,272


Other assets 57,717



Variation margin payable - futures contracts 6,228

Payable for: Investments purchased 789,694

Dividends 26,641







Net assets applicable to shares outstanding $38,858,701

Net assets consist of: Shares of beneficial interest $42,253,778


$38,858,701

Net Assets: Class A $26,573,617

Class C $ 5,219,283

Class R $ 3,527,306

Class Y $ 3,487,087

Class R5 $ 10,353

Class R6 $ 41,055


Class A 2,846,813

Class C 559,363

Class R 377,768

Class Y 373,421

Class R5 1,109

Class R6 4,398




Class R: Net asset value and offering price per share $ 9.34




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Page 1 of 1

Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Interest $ 903,563

Dividends from affiliates 23,943

Other income 8,288

Total investment income 935,794

Expenses: Advisory fees 68,429




Class C 26,577

Class R 8,586


Transfer agent fees – R5 4





Other (20,305)

Total expenses 261,582

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) (123,638)

Net expenses 137,944



Unaffiliated investment securities 401,046

Affiliated investment securities (6,615)

Futures contracts 87,797

Swap agreements (187)

482,041

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (130,479)



Swap agreements 8,643

(57,282)

Net realized and unrealized gain 424,759



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Page 1 of 1


Operations: Net investment income $ 797,850 $ 1,676,813

Net realized gain (loss) 482,041 (842,053)

Change in net unrealized appreciation (depreciation) (57,282) 1,740,510


Distributions to shareholders from distributable earnings: Class A (610,092) (1,247,439)

Class C (103,641) (250,179)

Class R (75,441) (152,928)

Class Y (47,188) (72,282)

Class R5 (255) (552)

Class R6 (823) (3,056)

Total distributions from distributable earnings (837,440) (1,726,436)

Return of capital: Class A – (47,219)

Class C – (9,470)

Class R – (5,789)

Class Y – (2,736)

Class R5 – (21)

Class R6 – (116)

Total return of capital – (65,351)

Total distributions (837,440) (1,791,787)

Share transactions–net: Class A 497,185 1,798,731

Class C (59,291) (580,687)

Class R 338,948 (32,303)

Class Y 2,042,368 266,472

Class R6 17,623 (86,123)

Net increase in net assets resulting from share transactions 2,836,833 1,366,090



End of period $38,858,701 $35,636,699


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8*ESS 0C



(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains



Total frominvestm

entoperations

Dividends

from net

investment

income

R

eturn ofcapital

Total

distributions

Net asset

value, endof period

Total

return(b)

Net assets,


itted)

Ratio of


with

fee waivers

and/orexpensesabsorbed

Ratio of


ithoutfee w

aiversand/or

expensesabsorbed

Ratio of net

investment

income


Portfolio

turnover (c)C

lass A

Six m


$9.24

$0.21

$0.10

$0.31

$(0.22)

$–

$(0.22)

$9.33

3.36%

(d) $26,574

0.63%(d)(e)

1.29%(d)(e)

4.43%(d)(e)

47%

Year ended 02/28/21

8.99

0.46

0.29

0.75

(0.48)

(0.02)

(0.50)

9.24

8.73 (d)

25,804 0.64 (d)

2.07 (d)

5.29 (d)

161N

ine months ended 02/29/20

8.96

0.32

0.04

0.36

(0.31)

(0.02)

(0.33)

8.99

4.04

23,445 2.40 (e)

2.40 (e)

4.72 (e)


9.17

0.51

(0.21)

0.30

(0.51)

–

(0.51)

8.96

3.42

22,791

1.78

1.78 5.61


9.51

0.49

(0.34)

0.15

(0.49)

–

(0.49)

9.17

1.61

21,669

1.68

1.68 5.19


9.07

0.45

0.45

0.90

(0.46)

–

(0.46)

9.51 10.08

27,376

1.59

1.59 4.85


9.75

0.44

(0.67)

(0.23)

(0.45)

–

(0.45)

9.07 (2.22)

28,286

1.56

1.56 4.90

54C

lass C

Six m


9.23

0.17

0.11

0.28

(0.18)

–

(0.18)

9.33

3.09

5,219 1.38 (e)

2.06 (e)

3.68 (e)

47

Year ended 02/28/21

8.98

0.40

0.28

0.68

(0.41)

(0.02)

(0.43)

9.23

7.93

5,224

1.39

2.84 4.54

161

Nine m


8.96

0.27

0.03

0.30

(0.27)

(0.01)

(0.28)

8.98

3.39

5,719 3.17 (e)

3.17 (e)

4.02 (e)


9.16

0.44

(0.19)

0.25

(0.45)

–

(0.45)

8.96

2.81

6,484 2.57

2.57

4.91

56

Year ended 05/31/18

9.50

0.42

(0.33)

0.09

(0.43)

–

(0.43)

9.16

0.90

6,972

2.47

2.47 4.50


9.06

0.39

0.44

0.83

(0.39)

–

(0.39)

9.50

9.33

7,070

2.55

2.55 4.18


9.75

0.38

(0.68)

(0.30)

(0.39)

–

(0.39)

9.06 (3.00)

4,458 2.59

2.59

4.21

54

Class R


9.24

0.20

0.11

0.31

(0.21)

–

(0.21)

9.34

3.34

3,527

0.88 (e)

1.56 (e) 4.18 (e)


8.99

0.44

0.28

0.72

(0.45)

(0.02)

(0.47)

9.24

8.46

3,151 0.89

2.34

5.04

161N


8.96

0.31

0.03

0.34

(0.29)

(0.02)

(0.31)

8.99

3.85

3,098

2.67 (e)

2.67 (e) 4.48 (e)

127

Year ended 05/31/19

9.17

0.48

(0.20)

0.28

(0.49)

–

(0.49)

8.96

3.17

2,839

2.20

2.20 5.36


9.51

0.47

(0.34)

0.13

(0.47)

–

(0.47)

9.17

1.36

2,185 2.07

2.07

4.96

71

Year ended 05/31/17

9.07

0.44

0.43

0.87

(0.43)

–

(0.43)

9.51

9.81

1,542 2.39

2.39

4.66

89

Year ended 05/31/16

9.75

0.42

(0.67)

(0.25)

(0.43)

–

(0.43)

9.07

(2.46)

554

2.37

2.37 4.65

54C

lass Y

Six m


9.24

0.22

0.11

0.33

(0.23)

–

(0.23)

9.34

3.59

3,487 0.38 (e)

1.06 (e)

4.68 (e)

47

Year ended 02/28/21

8.99

0.49

0.28

0.77

(0.50)

(0.02)

(0.52)

9.24

9.00

1,425

0.39

1.84 5.54

161

Nine m


8.97

0.34

0.03

0.37

(0.33)

(0.02)

(0.35)

8.99

4.16

1,105 2.17 (e)

2.17 (e)

5.01 (e)


9.17

0.53

(0.19)

0.34

(0.54)

–

(0.54)

8.97

3.85

1,505 1.50

1.50

5.91

56

Year ended 05/31/18

9.51

0.52

(0.34)

0.18

(0.52)

–

(0.52)

9.17

1.92

1,534

1.44

1.44 5.50


9.07

0.48

0.45

0.93

(0.49)

–

(0.49)

9.51 10.41

2,235 1.42

1.42

5.18

89

Year ended 05/31/16

9.75

0.47

(0.67)

(0.20)

(0.48)

–

(0.48)

9.07

(1.92)

657

1.50

1.50 5.18

54C

lass R5


9.24

0.22

0.11

0.33

(0.23)

–

(0.23)

9.34

3.59

10

0.38 (e)

1.06 (e) 4.68 (e)


8.99

0.49

0.28

0.77

(0.50)

(0.02)

(0.52)

9.24

9.00

10 0.39

1.52

5.54

161N


8.97

0.34

0.03

0.37

(0.33)

(0.02)

(0.35)

8.99

4.16

10

1.84 (e)

1.84 (e) 5.02 (e)

127

Period ended 05/31/19 (f)

9.02

0.01

(0.06)

(0.05)

(0.00)

–

(0.00)

8.97

3.48

10 1.22 (e)

1.22 (e)

5.91 (e)

56

Class R

6

Six m


9.24

0.22

0.10

0.32

(0.23)

–

(0.23)

9.33

3.48

41 0.38 (e)

1.06 (e)

4.68 (e)

47

Year ended 02/28/21

9.00

0.48

0.28

0.76

(0.50)

(0.02)

(0.52)

9.24

8.88

23

0.39

1.52 5.54

161

Nine m


8.97

0.35

0.04

0.39

(0.34)

(0.02)

(0.36)

9.00

4.32

110 1.81 (e)

1.81 (e)

5.05 (e)


9.16

0.54

(0.19)

0.35

(0.54)

–

(0.54)

8.97

3.98

123 1.31

1.31

5.96

56

Year ended 05/31/18

9.50

0.52

(0.33)

0.19

(0.53)

–

(0.53)

9.16

1.97

13,165 1.24

1.24

5.56

71

Year ended 05/31/17

9.07

0.48

0.44

0.92

(0.49)

–

(0.49)

9.50

10.34

9,843

1.18

1.18 5.12


9.75

0.47

(0.67)

(0.20)

(0.48)

–

(0.48)

9.07 (1.87)

22,186

1.27

1.27 5.26

54 (a)





ay differ from the net asset value and

returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d) The total return, ratio of expenses to average net assets and ratio of net investm

ent income to average net assets reflect actual 12b–1 fees of 0.23%

and 0.23% for the six m

onths ended August 31, 2021 and the year ended February 28, 2021, respectively.





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Page 2 of 2

(e) Annualized.

(f) C

omm

encement date after the close of business on M

ay 24, 2019. See accom



ents. 16

Invesco H

igh Yield Bond Factor Fund

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Page 1 of 2


NOTE 1–Significant Accounting PoliciesInvesco High Yield Bond Factor Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment SecuritiesFunds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, asamended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares ofbeneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each classwill be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y



The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.











B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from





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Page 2 of 2 17 Invesco High Yield Bond Factor Fund

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settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fairvalue of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments tointerest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.





D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realizedcapital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat aportion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded inthe financial statements.



F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class.Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 areallocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to theoperations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to allother classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classesbased on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportingperiod including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount.In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and beforethe date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust isindemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal courseof business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses.The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made againstthe Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporateloans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment anddelivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactionsprior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuationsand are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund willgenerally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlementdate.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and majorcurrency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollaramounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and incomeitems denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funddoes not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investmentsand the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchangerates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realizedand unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or lossesarise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securitiestransactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’sbooks and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arisefrom changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changesin exchange rates.



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Page 1 of 1K. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt

delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign

currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts thatdo not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as thedifference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount(non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forwardforeign currency contracts.


L. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market pricemovements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlyingsecurity, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date.The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financialinstrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities orcash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the valueof the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent orvariation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts arereflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fundrecognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’sbasis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period isincluded on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of aliquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, theFund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain themargin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, asCounterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in theStatement of Assets and Liabilities.

M. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and creditdefault swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions areagreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) betweentwo parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and clearedthrough a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among otherconditions, events of default and termination events, and various covenants and representations such as provisions that require theFund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specificperiods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may beable to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.


In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrallycleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the centralCounterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the centralCounterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margindeposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securitiesdeposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assetsand Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund ormay be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreementand is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swapis terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protectionby paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If adefined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixedpayment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notionalvalue, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive afixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protectionseller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of thereferenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold inorder to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and themarket value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, theFund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfoliobecause, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. Inconnection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respectiveswap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvencyof a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financialdifficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss fromCounterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated byhaving a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterpartyto cover the Fund’s exposure to the Counterparty.




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Page 1 of 1Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement

of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day.Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and maybe referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swapagreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. Aliquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement ofOperations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of aFund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets andLiabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, andCounterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that aswap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest ratesand market fluctuations. It is possible that developments in the swaps market, including potential government regulation, couldadversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit relatedcontingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that,for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement,which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security posesmore risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’sexposure is unlimited.


N. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument orenters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

O. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is theFund’s practice to replace such collateral no later than the next business day.

P. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unratedsecurities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve agreater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’claims.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,

liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.




Average Daily Net Assets RateFirst $2 billion 0.370%Over $2 billion 0.350%


Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and InvescoAsset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paidto the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on thepercentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement withOppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.64%, 1.39%, 0.89%, 0.39%, 0.39% and 0.39%,respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory feesand/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expensesafter fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales;(4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually paybecause of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. Duringits term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiverswithout approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equalto 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvestedcash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $68,429, reimbursed fund level expenses of $42,560 andreimbursed class level expenses of $8,858, $1,793, $1,159, $654, $4 and $12 of Class A, Class C, Class R, Class Y, Class R5 andClass R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to payInvesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021,expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has enteredinto a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and providescertain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as theFund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which theFund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expensesincurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the sixmonths ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees. 20 Invesco High Yield Bond Factor Fund

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Page 1 of 1The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,

Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan,reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily netassets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of theaverage daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily andpaid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuingpersonal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee underthe Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap onthe total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six monthsended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.






Level 3 -



Level 1 Level 2 Level 3 Total


U.S. Dollar Denominated Bonds & Notes $ – $35,550,095 $ – $35,550,095


Common Stocks & Other Equity Interests 99,153 10,738 31,201 141,092

U.S. Treasury Securities – 72,985 – 72,985

Variable Rate Senior Loan Interests – 12,060 – 12,060

Preferred Stocks – 1,204 – 1,204


Total Investments in Securities 2,651,669 35,647,082 31,201 38,329,952


Futures Contracts 12,156 – – 12,156

Swap Agreements – 8,643 – 8,643

12,156 8,643 – 20,799



Total Other Investments 10,941 8,643 – 19,584

Total Investments $2,662,610 $35,655,725 $31,201 $38,349,536

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which afund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral postingarrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk throughnetting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing lawof the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreementsin the Statement of Assets and Liabilities. 21 Invesco High Yield Bond Factor Fund

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Page 1 of 1Value of Derivative Investments at Period-End


Value

Derivative Assets CreditRisk


Unrealized appreciation on futures contracts – Exchange-Traded(a) $ - $ 12,156 $ 12,156

Unrealized appreciation on swap agreements – Centrally Cleared(a) 8,643 - 8,643


Derivatives not subject to master netting agreements (8,643) (12,156) (20,799)

Total Derivative Assets subject to master netting agreements $ - $ - $ -

(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Value

Derivative Liabilities CreditRisk


Unrealized depreciation on futures contracts – Exchange-Traded(a) $- $(1,215) $(1,215)


Total Derivative Liabilities subject to master netting agreements $- $ - $ -





Credit Interest Risk Rate Risk Total

Realized Gain (Loss): Futures contracts $ - $ 87,797 $ 87,797

Swap agreements (187) - (187)

Change in Net Unrealized Appreciation: Futures contracts - 44,881 44,881

Swap agreements 8,643 - 8,643

Total $8,456 $132,678 $141,134


Futures Swap Contracts Agreements

Average notional value $7,336,311 $950,000






The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time theborrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, thecustodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amountdue custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensatingbalance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying thecustodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund maynot purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when anyborrowings from an Invesco Fund are outstanding. 22 Invesco High Yield Bond Factor Fund

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Page 1 of 1NOTE 8–Tax Information









The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, ifany) purchased and sold by the Fund during the six months ended August 31, 2021 was $18,473,132 and $16,870,343, respectively. Costof investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recentlycompleted federal income tax reporting period-end.



Aggregate unrealized (depreciation) of investments (465,672)

Net unrealized appreciation of investments $ 904,120


NOTE 10–Share Information Summary of Share Activity


Sold: Class A 363,493 $ 3,380,572 712,810 $ 6,278,805

Class C 64,470 598,092 182,202 1,598,201

Class R 68,771 636,774 97,058 844,750

Class Y 231,520 2,156,919 54,911 474,206

Class R6 1,808 16,828 233 2,128

Issued as reinvestment of dividends: Class A 53,346 496,414 121,947 1,071,974

Class C 8,887 82,655 22,864 200,494

Class R 8,043 74,872 17,841 156,458

Class Y 3,629 33,786 6,774 59,610

Class R6 88 823 204 1,758

Automatic conversion of Class C shares to Class A shares: Class A 30,536 283,276 61,830 558,432

Class C (30,540) (283,276) (61,843) (558,432)

Reacquired: Class A (394,158) (3,663,077) (711,775) (6,110,480)

Class C (49,193) (456,762) (214,155) (1,820,950)

Class R (40,069) (372,698) (118,572) (1,033,511)

Class Y (15,918) (148,337) (30,413) (267,344)

Class R6 (3) (28) (10,188) (90,009)

Net increase in share activity 304,710 $ 2,836,833 131,728 $ 1,366,090



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Actual expenses







Class A $1,000.00 $1,033.60 $3.23 $1,022.03 $3.21 0.63%Class C 1,000.00 1,030.90 7.06 1,018.25 7.02 1.38 Class R 1,000.00 1,033.40 4.51 1,020.77 4.48 0.88 Class Y 1,000.00 1,035.90 1.95 1,023.29 1.94 0.38

Class R5 1,000.00 1,035.90 1.95 1,023.29 1.94 0.38 Class R6 1,000.00 1,034.80 1.95 1,023.29 1.94 0.38




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoHigh Yield Bond Factor Fund’s (the Fund)Master Investment Advisory Agreement withInvesco Advisers, Inc. (Invesco Advisers andthe investment advisory agreement) and theMaster Intergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.and separate sub-advisory contracts withInvesco Capital Management LLC, InvescoAsset Management (India) Private Limitedand OppenheimerFunds, Inc. (collectively, theAffiliated Sub-Advisers and the sub-advisorycontracts) for another year, effective July 1,2021. After evaluating the factors discussedbelow, among others, the Board approved therenewal of the Fund’s investment advisoryagreement and the sub-advisory contractsand determined that the compensationpayable thereunder by the Fund to InvescoAdvisers and by Invesco Advisers to theAffiliated Sub-Advisers is fair and reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts.

As part of the contract renewal process, theBoard reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal

process to ensure they are negotiated in amanner that is at arms’ length and reasonable.In addition to meetings with Invesco Advisersand fund counsel throughout the year and aspart of meetings convened on April 27, 2021and June 10, 2021, the independent Trusteesalso discussed the continuance of theinvestment advisory agreement andsub-advisory contracts in separate sessionswith the Senior Officer and with independentlegal counsel.

The discussion below is a summary of theSenior Officer’s independent written evaluationwith respect to the Fund’s investment advisoryagreement and sub-advisory contracts, as wellas a discussion of the material factors andrelated conclusions that formed the basis forthe Board’s approval of the Fund’s investmentadvisory agreement and sub-advisorycontracts. The Trustees’ review andconclusions are based on the comprehensiveconsideration of all information presented tothem during the course of the year and in prioryears and are not the result of any singledeterminative factor. Moreover, one Trusteemay have weighed a particular piece ofinformation or factor differently than anotherTrustee. The information received andconsidered by the Board was current as ofvarious dates prior to the Board’s approval onJune 10, 2021.Factors and Conclusions and Summary ofIndependent Written Fee EvaluationA. Nature, Extent and Quality of Services Provided

by Invesco Advisers and the AffiliatedSub-Advisers

The Board reviewed the nature, extent andquality of the advisory services provided to theFund by Invesco Advisers under the Fund’sinvestment advisory agreement, and thecredentials and experience of the officers andemployees of Invesco Advisers who providethese services, including the Fund’s portfoliomanager(s). The Board’s review includedconsideration of Invesco Advisers’ investmentprocess and oversight, credit analysis, andresearch capabilities. The Board consideredinformation regarding Invesco Advisers’programs for and resources devoted to riskmanagement, including management ofinvestment, enterprise, operational, liquidity,valuation and compliance risks, and technologyused to manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator of theInvesco Funds’ liquidity risk managementprogram. The Board received a description ofInvesco Advisers’ business continuity plansand of its approach to data privacy andcybersecurity, including related testing. TheBoard considered how the cybersecurity andbusiness continuity plans of Invesco Advisersand its key service providers operated in theincreased remote working environmentresulting from the novel coronavirus(“COVID-19”) pandemic. The Board alsoconsidered non-advisory services that InvescoAdvisers and its affiliates provide to theInvesco Funds,such as various back office support functions,third party oversight, internal audit, valuation,portfolio trading and legal and compliance. TheBoard observed that Invesco Advisers hasbeen able to effectively manage, operate andoversee the Invesco Funds through thechallenging COVID-19 pandemic period. TheBoard reviewed and considered the benefits toshareholders of investing in a Fund that is

part of the family of funds under the umbrellaof Invesco Ltd., Invesco Advisers’ parentcompany, and noted Invesco Ltd.’s depth andexperience in running an investmentmanagement business, as well as itscommitment of financial and other resourcesto such business. The Board concluded thatthe nature, extent and quality of the servicesprovided to the Fund by Invesco Advisers areappropriate and satisfactory.


The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theBloomberg Barclays U.S. Corporate HighYield 2% Issuer Cap Index (Index). TheBoard noted that performance of Class Ashares of the Fund was in the second quintileof its performance universe for the one yearperiod and the fourth quintile for the three andfive year periods (the first quintile being thebest performing funds and the fifth quintilebeing the worst performing funds). The Boardnoted that performance of Class A shares ofthe Fund was below the performance of theIndex for the one, three and five year periods.The Board considered that the Fund wascreated in connection with Invesco Ltd.’sacquisition of OppenheimerFunds, Inc. andits subsidiaries (the “Transaction”) and thatthe Fund’s performance prior to the closing ofthe Transaction on May 24, 2019 is that of itspredecessor fund. The Board noted thatunderweight exposure to certain large issuersthat experienced downgrades in credit ratingsdetracted from Fund performance. The Boardrecognized that the performance data reflectsa snapshot in time as of a particular date andthat selecting a different performance periodcould produce different results. The Boardfurther considered that the Fund had changedits name,

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investment strategy and index against whichfuture performance will be compared onFebruary 28, 2020 in connection with itsrepositioning as a factor-based fund, and thatperformance results prior to such datereflected that of the Fund’s former strategy.As a result, the Board did not considerperformance of the Fund prior to such date tobe particularly relevant. The Boardconsidered information provided regardingthe more recent performance of the Fundutilizing the new strategy as well as othermetrics, which did not change its conclusions.C. Advisory and Sub-Advisory Fees and Fund

ExpensesThe Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual management fee rate forClass A shares of the Fund was below themedian contractual management fee rate offunds in its expense group. The Board notedthat the Fund’s contractual management feeschedule was reduced at certain breakpointlevels effective in 2020 in connection with itsrepositioning as a factor-based fund. TheBoard noted that the term “contractualmanagement fee” for funds in the expensegroup may include both advisory and certainnon-portfolio management administrativeservices fees, but that Broadridge is not ableto provide information on a fund by fund basisas to what is included. The Board alsoreviewed the methodology used byBroadridge in calculating expense groupinformation, which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information for eachfund in the expense group. The Board alsoconsidered comparative informationregarding the Fund’s total expense ratio andits various components.


The Board noted that Invesco Advisers andthe Affiliated Sub-Advisers do not manageother similarly managed mutual funds orclient accounts.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund may benefitfrom economies of scale through contractualbreakpoints in the Fund’s advisory feeschedule, which generally operate to reducethe Fund’s expense ratio as it grows in size.The Board noted that the Fund also shares ineconomies of scale through Invesco Advisers’ability to negotiate lower fee arrangementswith third party service providers. The Boardnoted that the Fund may also benefit fromeconomies of scale through initial fee setting,fee waivers and expense reimbursements, aswell as Invesco Advisers’ investment in itsbusiness, including investments in

business infrastructure, technology andcybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information from InvescoAdvisers concerning the costs of the advisoryand other services that Invesco Advisers andits affiliates provide to the Fund and theInvesco Funds and the profitability of InvescoAdvisers and its affiliates in providing theseservices in the aggregate and on an individualFund-by-Fund basis. The Board considered themethodology used for calculating profitabilityand noted that such methodology had recentlybeen reviewed and enhanced. The Boardnoted that Invesco Advisers continues tooperate at a net profit from services InvescoAdvisers and its affiliates provide to theInvesco Funds in the aggregate and to mostFunds individually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing such services tobe excessive, given the nature, extent andquality of the services provided. The Boardnoted that Invesco Advisers providedinformation demonstrating that InvescoAdvisers is financially sound and has theresources necessary to perform its obligationsunder the investment advisory agreement, andprovided representations indicating that theAffiliated Sub-Advisers are financially soundand have the resources necessary to performtheir obligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its


The Board considered the benefits realizedby Invesco Advisers and the AffiliatedSub-Advisers as a result of portfolio brokeragetransactions executed through “soft dollar”arrangements. Invesco Advisers noted that theFund does not execute brokerage transactionsthrough “soft dollar” arrangements to anysignificant degree.

The Board considered that the Fund’suninvested cash and cash collateral from anysecurities lending arrangements may beinvested in registered money market funds or,with regard to securities lending cashcollateral, unregistered funds that comply withRule 2a-7 (collectively referred to as “affiliatedmoney market funds”) advised by InvescoAdvisers. The Board considered informationregarding the returns of the affiliated moneymarket funds relative to comparable overnightinvestments, as well as the fees paid by theaffiliated money market funds to InvescoAdvisers and its affiliates. In this regard, theBoard noted that Invesco Advisers receivesadvisory fees from these affiliated moneymarket funds attributable to the Fund’sinvestments. The Board also noted thatInvesco Advisers has contractually agreed towaive through varying periods an amount

equal to 100% of the net advisory fee InvescoAdvisers receives from the affiliated moneymarket funds with respect to the Fund’sinvestment in the affiliated money marketfunds of uninvested cash, but not cashcollateral. The Board concluded that theadvisory fees payable to Invesco Advisersfrom the Fund’s investment of cash collateralfrom any securities lending arrangements inthe affiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund.

The Board also received information aboutcommissions that an affiliated broker mayreceive for executing certain trades for theFund. Invesco Advisers and the AffiliatedSub-Advisers advised the Board of thebenefits to the Fund of executing tradesthrough the affiliated broker and that suchtrades were executed in compliance withrules under the federal securities laws andconsistent with best execution obligations.

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SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. O-GLHY-SAR-1

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Invesco Income Fund

Nasdaq:A: AGOVX ∎ C: AGVCX ∎ R: AGVRX ∎ Y: AGVYX ∎ Investor: AGIVX ∎ R5: AGOIX ∎ R6: AGVSX


For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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Page 1 of 1 Fund Performance

Performance summary Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does notinclude applicable contingent deferred sales charges (CDSC) or front-end sales charges, which wouldhave reduced performance.

Class A Shares 2.11% Class C Shares 1.72 Class R Shares 1.89 Class Y Shares 2.23 Investor Class Shares 2.14 Class R5 Shares 2.28 Class R6 Shares 2.33 Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index) 1.49 Source(s): ▼RIMES Technologies Corp.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index consideredrepresentative of the US investment-grade, fixed-rate bond market. The Fund is not managed to track the performance of any particular index, including theindex(es) described here, and consequently, the performance of the Fund may deviatesignificantly from the performance of the index(es).



Read the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate yourFund; then click on its name to access its product detail page. There, you can learn more about yourFund’s investment strategies, holdings and performance. Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insightsabout market and economic news and trends.

2 Invesco Income Fund

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Average Annual Total Returns

As of 8/31/21, including maximumapplicable sales charges

Class A Shares Inception (4/28/87) 4.51% 10 Years 0.79 5 Years -0.28 1 Year 4.78 Class C Shares Inception (8/4/97) 3.20% 10 Years 0.63 5 Years -0.16 1 Year 7.41 Class R Shares Inception (6/3/02) 2.62% 10 Years 0.97 5 Years 0.33 1 Year 9.00 Class Y Shares Inception (10/3/08) 2.50% 10 Years 1.48 5 Years 0.83 1 Year 9.48 Investor Class Shares Inception (9/30/03) 2.67% 10 Years 1.26 5 Years 0.65 1 Year 9.29 Class R5 Shares Inception (4/29/05) 3.11% 10 Years 1.59 5 Years 0.93 1 Year 9.62 Class R6 Shares 10 Years 1.38% 5 Years 0.89 1 Year 9.72 Performance includes litigationproceeds. Had these proceeds notbeen received, total returns wouldhave been lower.

Class R6 shares incepted on April 4,2017. Performance shown prior to thatdate is that of Class A shares at netasset value and includes the 12b-1 feesapplicable to Class A shares.

The performance data quotedrepresent past performance and cannotguarantee future results; currentperformance may be lower or higher.Please visit invesco.com/performancefor the most recent month-endperformance. Performance figuresreflect reinvested distributions,changes in net asset value and theeffect of the maximum sales chargeunless otherwise stated. Performancefigures do not reflect deduction of taxesa shareholder would pay on Funddistributions or sale of Fund shares.Investment return and principal valuewill fluctuate so that you may have again or loss when you sell shares.

Class A share performance reflectsthe maximum 4.25% sales charge, andClass C share performance reflects theapplicable

contingent deferred sales charge (CDSC)for the period involved. The CDSC onClass C shares is 1% for the first yearafter purchase. Class R, Class Y, InvestorClass, Class R5 and Class R6 shares donot have a front-end sales charge or aCDSC; therefore, performance is at netasset value.

The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses.

Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursed expensescurrently or in the past, returns wouldhave been lower. See current prospectusfor more information.

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In compliance with Rule 22e-4 under theInvestment Company Act of 1940, asamended (the “Liquidity Rule”), the Fundhas adopted and implemented a liquidityrisk management program inaccordance with the Liquidity Rule (the“Program”). The Program is reasonablydesigned to assess and manage theFund’s liquidity risk, which is the risk thatthe Fund could not meet redemptionrequests without significant dilution ofremaining investors’ interests in theFund. The Board of Trustees of the Fund(the “Board”) has appointed InvescoAdvisers, Inc. (“Invesco”), the Fund’sinvestment adviser, as the Program’sadministrator, and Invesco hasdelegated oversight of the Program tothe Liquidity Risk ManagementCommittee (the “Committee”), which iscomposed of senior representatives fromrelevant business groups at Invesco.


without the sale or disposition significantlychanging the market value of theinvestment). The Liquidity Rule and theProgram also require reporting to theBoard and the SEC (on a non-publicbasis) if a Fund’s holdings of IlliquidInvestments exceed 15% of the Fund’sassets.

At a meeting held on March 22-24, 2021,the Committee presented a report to theBoard that addressed the operation of theProgram and assessed the Program’sadequacy and effectiveness ofimplementation (the “Report”). The Reportcovered the period from January 1, 2020through December 31, 2020 (the“Program Reporting Period”). The Reportdiscussed notable events affectingliquidity over the Program ReportingPeriod, including the impact of thecoronavirus pandemic on the Fund andthe overall market. The Report noted thatthere were no material changes to theProgram during the Program ReportingPeriod.The Report stated, in relevant part, thatduring the Program Reporting Period:


∎ The Fund’s investment strategy remainedappropriate for an open-end fund;

∎ The Fund was able to meet requests forredemption without significant dilution ofremaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit onIlliquid Investments; and


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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco Income Fund

Principal Amount Value Asset-Backed Securities–77.55% AMSR Trust,

Series 2020-SFR2, Class E1,4.03%, 07/17/2037(a) $ 2,412,000 $ 2,506,024

Series 2020-SFR5, Class D,2.18%, 11/17/2037(a) 5,000,000 5,024,266

Angel Oak Mortgage Trust, Series 2019-5, Class B1, 3.96%,10/25/2049(a)(b) 2,361,000 2,365,207 Series 2020-3, Class M1, 3.81%,04/25/2065(a)(b) 5,000,000 5,129,642 Series 2020-4, Class A3, 2.81%,06/25/2065(a)(b) 2,714,792 2,751,775 Series 2020-5, Class A3, 2.04%,05/25/2065(a)(b) 2,136,275 2,154,521 Series 2020-6, Class A3, 1.78%,05/25/2065(a)(b) 2,434,419 2,443,819 Series 2021-1, Class M1, 2.22%,01/25/2066(a)(b) 3,164,000 3,148,210

Arroyo Mortgage Trust, Series2020-1, Class A3, 3.33%,03/25/2055(a) 4,463,000 4,612,132

Avis Budget Rental Car FundingAESOP LLC, Series 2019-3A,Class A, 2.36%, 03/20/2026(a) 1,000,000 1,046,191

Banc of America CommercialMortgage Trust, Series 2015-UBS7, Class XA, IO, 0.94%,09/15/2048(c) 17,829,050 483,461

Bank, Series 2018-BNK14, Class E,3.00%, 09/15/2060(a) 5,750,000 4,782,469

BBCMS Mortgage Trust, Series2018-C2, Class C, 5.13%,12/15/2051(b) 2,500,000 2,854,610

Bear Stearns Adjustable RateMortgage Trust, Series 2004-10,Class 12A1, 2.87%,01/25/2035(b) 331,861 342,005

Benchmark Mortgage Trust, Series 2018-B3, Class C, 4.71%,

04/10/2051(b) 4,375,000 4,877,588 Series 2019-B11, Class D,

3.00%, 05/15/2052(a) 5,250,000 5,145,307 Series 2019-B14, Class C,

3.90%, 12/15/2062(b) 4,650,000 5,010,206 Series 2019-B15, Class C,

3.84%, 12/15/2072(b) 1,000,000 1,057,829 Series 2019-B9, Class C, 4.97%,

03/15/2052(b) 4,000,000 4,628,694 Series 2020-B17, Class C,

3.37%, 03/15/2053(b) 3,000,000 3,140,317 Blackbird Capital Aircraft Lease

Securitization Ltd., Series 2016-1A, Class B, 5.68%,12/16/2041(a)(d) 4,580,937 4,508,080

BRAVO Residential Funding Trust,Series 2019-NQM2, Class A3,3.11%, 11/25/2059(a)(b) 2,307,843 2,326,505

Cantor Commercial Real EstateLending, Series 2019-CF1,Class 65D, 4.66%, 05/15/2052(a)(b) 4,517,000 4,049,313

Principal Amount Value Cerberus Loan Funding XXV L.P.,

Series 2018-4RA, Class DR, 3.93%(3 mo. USD LIBOR + 3.80%),10/15/2030(a)(e) $2,100,000 $ 2,052,529

Chase Mortgage Finance Corp., Series 2016-SH1, Class M3, 3.75%,04/25/2045(a)(b) 1,608,231 1,627,249 Series 2016-SH2, Class M3, 3.75%,12/25/2045(a)(b) 1,904,546 1,922,063

Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class D, 4.56%,04/10/2023(a)(b) 4,885,000 4,978,309 Series 2015-GC29, Class D, 3.11%,04/10/2048(a) 5,000,000 4,915,600

COLT Funding LLC, Series 2021-1,Class M1, 2.29%, 06/25/2066(a)(b) 4,500,000 4,465,004

COLT Mortgage Loan Trust, Series 2020-1, Class A3, 2.90%,02/25/2050(a)(b) 964,119 966,924 Series 2020-2, Class A3, 3.70%,03/25/2065(a)(b) 2,664,000 2,719,645 Series 2020-3, Class A3, 2.38%,04/27/2065(a)(b) 1,583,253 1,589,817

Commercial Mortgage Trust, Series 2014-CR19, Class C, 4.86%,08/10/2024(b) 4,578,800 4,835,530 Series 2014-UBS4, Class C, IO,4.81%, 07/10/2024(c) 5,000,000 5,186,678 Series 2015-CR26, Class C, 4.69%,10/10/2048(b) 4,000,000 4,330,428

Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A3, 2.73%,04/25/2065(a)(d) 5,000,000 5,077,219

Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1,2.13%, 05/25/2065(a)(b) 1,649,583 1,655,579 Series 2021-NQM2, Class M1,2.28%, 02/25/2066(a)(b) 6,000,000 6,024,012

CSAIL Commercial Mortgage Trust, Series 2016-C6, Class E, 4.09%,01/15/2049(a)(b) 3,000,000 1,917,612 Series 2017-CX9, Class D, 4.28%,09/15/2050(a)(b) 6,304,000 5,646,662 Series 2019-C16, Class C, 4.24%,06/15/2052(b) 2,000,000 2,167,913 Series 2019-C17, Class C, 3.93%,09/15/2052 5,000,000 5,363,528

Deephaven Residential Mortgage Trust,Series 2020-2, Class A3, 2.86%,05/25/2065(a) 5,800,000 5,902,533

Dryden 53 CLO Ltd., Series 2017-53A,Class A, 1.25% (3 mo. USD LIBOR +1.12%), 01/15/2031(a)(e) 7,000,000 7,010,355

Extended Stay America Trust, Series2021-ESH, Class C, 1.80% (1 mo.USD LIBOR + 1.70%),07/15/2038(a)(e) 2,400,000 2,416,947

FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/2037(a) 5,000,000 5,019,544

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Principal Amount Value Flagstar Mortgage Trust,

Series 2018-5, Class B1, 4.50%,09/25/2048(a)(b) $1,599,608 $1,623,474 Series 2018-5, Class B2, 4.50%,09/25/2048(a)(b) 1,916,707 1,927,862 Series 2018-6RR, Class B2, 4.98%,10/25/2048(a)(b) 2,830,319 2,941,173 Series 2018-6RR, Class B3, 4.98%,10/25/2048(a)(b) 2,830,319 2,935,869

FREMF Mortgage Trust, Series 2019-KF68, Class B, 2.29% (1mo. USD LIBOR + 2.20%),07/25/2026(a)(e) 1,771,532 1,775,750 Series 2019-KF72, Class B, 2.19% (1mo. USD LIBOR + 2.10%),11/25/2026(a)(e) 5,591,825 5,579,869

FRTKL, Series 2021-SFR1, Class E2,2.52%, 09/17/2038(a) 3,250,000 3,257,058

Galton Funding Mortgage Trust, Series2019-H1, Class B1, 3.89%,10/25/2059(a)(b) 5,480,000 5,518,146

GCAT Trust, Series 2019-NQM3, Class B1,3.95%, 11/25/2059(a)(b) 4,000,000 4,201,078 Series 2020-NQM2, Class M1,3.59%, 04/25/2065(a)(b) 3,500,000 3,587,063 Series 2021-NQM1, Class M1,2.32%, 01/25/2066(a)(b) 5,000,000 4,988,394

GS Mortgage Securities Corp. Trust, Series 2017-SLP, Class E, 4.74%,10/10/2032(a)(b) 5,050,000 5,045,914 Series 2018-TWR, Class G, 4.02% (1mo. USD LIBOR + 3.92%),07/15/2022(a)(e) 3,000,000 2,748,455

GS Mortgage Securities Trust, Series2017-GS6, Class C, 4.32%,05/10/2050(b) 2,774,000 3,043,794

GS Mortgage-Backed Securities Trust,Series 2020-NQM1, Class A3,2.35%, 09/27/2060(a)(b) 1,039,737 1,055,243

Home Partners of America Trust, Series2017-1, Class E, 2.74% (1 mo. USDLIBOR + 2.65%), 07/17/2034(a)(e) 5,000,000 5,015,990

Invitation Homes Trust, Series 2018-SFR2, Class C, 1.38%(1 mo. USD LIBOR + 1.28%),06/17/2037(a)(e) 1,249,804 1,253,993 Series 2018-SFR3, Class C, 1.39%(1 mo. USD LIBOR + 1.30%),07/17/2037(a)(e) 3,684,658 3,698,967

Jimmy Johns Funding LLC, Series2017-1A, Class A2II, 4.85%,07/30/2047(a) 6,272,500 6,806,926

JP Morgan Chase CommercialMortgage Securities Trust, Series 2018-PHH, Class E, 4.06% (1mo. USD LIBOR + 2.56%),06/15/2022(a)(e) 2,000,000 807,645 Series 2018-PHH, Class F, 4.66% (1mo. USD LIBOR + 3.16%),06/15/2022(a)(e) 2,000,000 546,000

JPMBB Commercial MortgageSecurities Trust, Series 2013-C12,Class C, 4.24%, 07/15/2045(b) 4,760,000 4,941,663

Principal Amount Value JPMDB Commercial Mortgage Securities

Trust, Series 2020- COR7, Class C,3.85%, 05/13/2053(b) $4,779,000 $5,217,194

Life Mortgage Trust, Series 2021-BMR,Class D, 1.50% (1 mo. USD LIBOR +1.40%), 03/15/2038(a)(e) 5,800,000 5,813,994

MACH 1 Cayman Ltd., Series 2019-1,Class B, 4.34%, 10/15/2039(a) 1,953,845 1,904,144

Madison Park Funding XVIII Ltd., Series2015-18A, Class A1R, 1.32% (3 mo.USD LIBOR + 1.19%), 10/21/2030(a)(e) 3,000,000 3,002,243

Morgan Stanley Bank of America MerrillLynch Trust, Series 2015-C20, Class D, 3.07%,02/15/2048(a) 3,200,000 3,128,977 Series 2015-C24, Class D, 3.26%,07/15/2025(a) 5,000,000 4,908,229

Morgan Stanley Capital I Trust, Series2018-H4, Class C, 5.24%,12/15/2051(b) 5,000,000 5,476,821

Motel Trust, Series 2021-MTL6, Class C, 1.60% (1mo. USD LIBOR + 1.50%),09/15/2038(a)(e) 2,750,000 2,761,172 Series 2021-MTL6, Class E, 2.80% (1mo. USD LIBOR + 2.70%),09/15/2038(a)(e) 2,920,000 2,927,300

New Residential Mortgage Loan Trust,Series 2021-NQ1R, Class M1, 2.27%,07/25/2055(a)(b) 2,250,000 2,244,266

OCP CLO Ltd., Series 2017-13A,Class A1A, 1.39% (3 mo. USD LIBOR+ 1.26%), 07/15/2030(a)(e) 4,100,000 4,102,152

Octagon Investment Partners 48 Ltd.,Series 2020-3A, Class A, 1.63% (3mo. USD LIBOR + 1.50%),10/20/2031(a)(e) 6,000,000 6,015,061

OHA Loan Funding Ltd., Series 2016-1A,Class AR, 1.39% (3 mo. USD LIBOR +1.26%), 01/20/2033(a)(e) 2,400,000 2,405,144

Onslow Bay Financial LLC, Series 2021-NQM1, Class M1, 2.22%,02/25/2066(a)(b) 3,500,000 3,502,767

Progress Residential Trust, Series 2018-SFR3, Class D, 4.43%,

10/17/2035(a) 7,000,000 7,012,160 Series 2019-SFR1, Class E, 4.47%,

08/17/2035(a) 5,000,000 5,069,875 Series 2021-SFR2, Class E2, 2.65%,

04/19/2038(a) 4,500,000 4,543,126 Series 2021-SFR5, Class E2, 2.36%,

07/17/2038(a) 4,570,000 4,566,922 Residential Mortgage Loan Trust,

Series 2019-3, Class B1, 3.81%,09/25/2059(a)(b) 3,276,000 3,368,242

Series 2020-2, Class M1, 3.57%,05/25/2060(a)(b) 5,000,000 5,150,008

Sapphire Aviation Finance II Ltd., Series2020-1A, Class B, 4.34%,03/15/2040(a) 3,039,185 2,752,210

Seasoned Credit Risk Transfer Trust,Series 2017-4, Class M, 4.75%,06/25/2057(a)(b) 3,000,000 3,101,299

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Principal Amount Value Sonic Capital LLC,

Series 2018-1A, Class A2, 4.03%,02/20/2048(a) $ 2,737,588 $ 2,820,879 Series 2020-1A, Class A2I, 3.85%,01/20/2050(a) 5,651,109 6,054,569 Series 2021-1A, Class A2II,2.64%, 08/20/2051(a) 1,370,000 1,377,505

Star Trust, Series 2021-SFR1,Class D, 1.39% (1 mo. USDLIBOR + 1.30%), 04/17/2038(a)(e) 6,665,000 6,669,266

Starwood Mortgage ResidentialTrust, Series 2020-2, Class A2, 3.97%,04/25/2060(a)(b) 4,000,000 4,128,648 Series 2020-3, Class A3, 2.59%,04/25/2065(a)(b) 3,000,000 3,050,199

Symphony CLO XXII Ltd., Series2020-22A, Class A1A, 1.42% (3mo. USD LIBOR + 1.29%),04/18/2033(a)(e) 7,500,000 7,530,168

Textainer Marine Containers Ltd., Series 2021-3A, Class B, 2.43%,08/20/2046(a) 5,000,000 4,975,445

Textainer Marine Containers VII Ltd.(China), Series 2020-1A, Class B, 4.94%,08/21/2045(a) 3,583,969 3,710,066 Series 2021-2A, Class B, 2.82%,04/20/2046(a) 4,866,667 4,949,290

TICP CLO IX Ltd., Series 2017-9A,Class A, 1.27% (3 mo. USDLIBOR + 1.14%), 01/20/2031(a)(e) 7,000,000 7,004,535

TIF Funding II LLC, Series 2021-1A,Class B, 2.54%, 02/20/2046(a) 1,766,365 1,774,365

Tricon American Homes Trust, Series 2018-SFR1, Class D,4.17%, 05/17/2037(a) 2,000,000 2,111,095 Series 2020-SFR1, Class D,2.55%, 07/17/2038(a) 8,900,000 9,075,885 Series 2020-SFR1, Class E,3.54%, 07/17/2038(a) 1,600,000 1,660,436 Series 2020-SFR2, Class D,2.28%, 11/17/2039(a) 2,000,000 2,016,667

Verus Securitization Trust, Series 2020-4, Class A3, 2.32%,05/25/2065(a)(d) 3,646,076 3,684,997 Series 2020-INV1, Class A3,3.89%, 03/25/2060(a)(b) 2,800,000 2,922,810 Series 2021-R1, Class M1, 2.34%,10/25/2063(a) 3,250,000 3,281,127 Series 2021-R2, Class M1, 2.24%,02/25/2064(a) 4,281,000 4,292,693

Vista Point Securitization Trust, Series 2020-1, Class M1, 4.15%,03/25/2065(a)(b) 2,100,000 2,173,358 Series 2020-2, Class A3, 2.50%,04/25/2065(a)(b) 1,739,914 1,759,306 Series 2020-2, Class M1, 3.40%,04/25/2065(a)(b) 1,650,000 1,702,608

Voya CLO Ltd. (Cayman Islands), Series 2014-1A, Class CR2,2.93% (3 mo. USD LIBOR +2.80%), 04/18/2031(a)(e) 1,300,000 1,257,552 Series 2020-2A, Class D, 4.38%(3 mo. USD LIBOR + 4.25%),07/19/2031(a)(e) 4,000,000 4,008,563

Principal Amount Value Wells Fargo Commercial Mortgage

Trust, Series 2014-LC18, Class D,3.96%, 12/15/2024(a)(b) $ 6,000,000 $ 5,624,954 Series 2015-NXS2, Class D,4.44%, 07/15/2025(b) 6,000,000 5,685,068 Series 2017-C39, Class C, 4.12%,09/15/2050 2,309,000 2,484,309 Series 2017-RC1, Class D, 3.25%,01/15/2060(a) 4,000,000 3,795,690

Zaxby’s Funding LLC, Series2021-1A, Class A2, 3.24%,07/30/2051(a) 2,400,000 2,483,893

Total Asset-Backed Securities (Cost$433,684,605)

438,519,429

U.S. Government Sponsored Agency Mortgage-BackedSecurities–17.79%

Collateralized Mortgage Obligations–1.43% Freddie Mac Multifamily Structured

Credit Risk, Series 2021-MN2, Class M1,

1.85%(30 Day Average SOFR +1.80%), 07/25/2041(a)(e) 4,785,000 4,797,129

Series 2021-MN1, Class M1,2.05%(30 Day Average SOFR +2.00%), 01/25/2051(a)(e) 1,676,253 1,686,378

Series 2021-MN1, Class M2,3.80%(30 Day Average SOFR +3.75%), 01/25/2051(a)(e) 1,500,000 1,586,403

8,069,910

Federal Home Loan Mortgage Corp. (FHLMC)–0.01% 9.00%, 04/01/2025 17,139 18,421 9.50%, 04/01/2025 3,595 3,617 6.50%, 06/01/2029 to 08/01/2032 2,938 3,329 7.00%, 03/01/2032 to 05/01/2032 991 1,060

26,427

Federal National Mortgage Association (FNMA)–0.01% 9.50%, 08/01/2022 1 1 6.00%, 04/01/2024 130 146 6.75%, 07/01/2024 44,736 50,320 6.95%, 07/01/2025 to 10/01/2025 19,982 20,164 6.50%, 01/01/2026 to 10/01/2036 4,304 4,884 7.00%, 06/01/2029 to 02/01/2032 996 1,045 8.00%, 10/01/2029 23 25

76,585

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Principal Amount Value Government National Mortgage Association (GNMA)–5.40%

8.00%, 12/15/2021 to 02/15/2036 $ 374,189 $ 425,878 7.00%, 01/15/2023 to 12/15/2036 330,849 347,655 9.50%, 03/15/2023 11 11 6.50%, 07/15/2024 to 09/15/2032 24,811 25,270 6.95%, 07/20/2025 to 11/20/2026 57,237 58,584 8.50%, 01/15/2037 15,006 15,518 TBA,2.50%, 09/01/2051(f) 28,600,000 29,661,328

30,534,244

Uniform Mortgage-Backed Securities–10.94% TBA,2.50%, 09/01/2051(f) 59,570,000 61,873,684

Total U.S. GovernmentSponsored AgencyMortgage-Backed Securities(Cost $100,442,644) 100,580,850

Agency Credit Risk Transfer Notes–9.67% Fannie Mae Connecticut Avenue

Securities, Series 2017-C03, Class 1M2,3.08% (1 mo. USD LIBOR +3.00%), 10/25/2029(e) 5,759,555 5,919,748 Series 2017-C05, Class 1M2,2.28% (1 mo. USD LIBOR +2.20%), 01/25/2030(e) 3,549,898 3,631,234 Series 2018-C02, Class 2M2,2.28% (1 mo. USD LIBOR +2.20%), 08/25/2030(e) 895,467 906,166 Series 2018-C03, Class 1M2,2.23% (1 mo. USD LIBOR +2.15%), 10/25/2030(e) 3,613,879 3,661,738

Freddie Mac, Series 2017-HQA2, Class M2,STACR®, 2.73% (1 mo. USDLIBOR + 2.65%), 12/25/2029(e) 918,678 935,902 Series 2018-HQA1, Class M2,STACR®, 2.38% (1 mo. USDLIBOR + 2.30%), 09/25/2030(e) 3,859,521 3,913,314 Series 2018-DNA2, Class M2,STACR®, 2.23% (1 mo. USDLIBOR + 2.15%), 12/25/2030(a)(e) 5,000,000 5,055,741 Series 2021-DNA2, Class M2,STACR®, 2.35% (30 DayAverage SOFR + 2.30%),08/25/2033(a)(e) 6,630,000 6,789,069 Series 2021-DNA5, Class M2,STACR®, 1.70% (30 DayAverage SOFR + 1.65%),01/25/2034(a)(e) 915,000 922,095 Series 2018-HRP2, Class M3,STACR®, 2.48% (1 mo. USDLIBOR + 2.40%), 02/25/2047(a)(e) 5,000,000 5,095,922 Series 2020-DNA5, Class M2,STACR®, 2.85% (30 DayAverage SOFR + 2.80%),10/25/2050(a)(e) 5,000,000 5,060,361

Freddie Mac MultifamilyConnecticut Avenue SecuritiesTrust, Series 2019-01, Class M10,3.33% (1 mo. USD LIBOR +3.25%), 10/15/2049(a)(e) 1,333,000 1,346,369 Series 2019-01, Class B10,5.58% (1 mo. USD LIBOR +5.50%), 10/15/2049(a)(e) 1,500,000 1,540,470

Principal Amount Value Golub Capital Partners CLO 34(M)

Ltd., (Cayman Islands), Series2017- 34A, Class CR, 3.77% (3 mo.USD LIBOR + 3.65%),03/14/2031(a)(e) $ 5,000,000 $ 5,007,481

Strata CLO I Ltd., (Cayman Islands),Series 2018-1A, Class D, 4.19% (3mo. USD LIBOR + 4.06%),01/15/2031(a)(e) 5,000,000 4,929,205

Total Agency Credit Risk Transfer Notes(Cost $53,619,667)

54,714,815

Shares Preferred Stocks–5.03% Mortgage REITs–5.03% AG Mortgage Investment Trust, Inc.,

8.00%, Series C, Pfd.(g) 150,000 3,747,000 Annaly Capital Management, Inc.,

6.50%, Series G, Pfd.(g) 150,000 3,865,500 Chimera Investment Corp., 8.00%,

Series B, Pfd.(g) 150,000 3,951,000 Dynex Capital, Inc., 6.90%, Series C,

Pfd.(g) 160,000 4,200,000 MFA Financial, Inc., 6.50%, Series C,

Pfd.(g) 150,000 3,583,500 New Residential Investment Corp.,

7.13%, Series B, Pfd.(g) 100,000 2,570,000 PennyMac Mortgage Investment

Trust, 8.00%, Series B, Pfd.(g) 100,000 2,709,000 Two Harbors Investment Corp.,

7.25%, Series C, Pfd.(g) 150,000 3,816,000 Total Preferred Stocks (Cost $26,090,050) 28,442,000

Common Stocks & Other Equity Interests–0.98% Mortgage REITs–0.98% New Residential Investment Corp. 100,000 1,092,000 New York Mortgage Trust, Inc. 630,000 2,784,600 PennyMac Mortgage Investment Trust 85,000 1,649,850

Total Common Stocks & Other Equity Interests(Cost $7,418,334)

5,526,450

Principal Amount U.S. Dollar Denominated Bonds & Notes–0.72% Diversified Banks–0.23% Lloyds Banking Group PLC (United

Kingdom), 7.50%(g)(h) $ 1,110,000 1,284,677


(Switzerland), 7.25%(a)(g)(h) 2,500,000 2,806,625 Total U.S. Dollar Denominated Bonds & Notes

(Cost $3,628,750) 4,091,302


0.05%, 02/17/2022(Cost $1,979,568)(i)(j) 1,980,000 1,979,581

Shares Exchange-Traded Funds–0.18% Invesco High Yield Bond Factor ETF

(Cost $ 996,450)(k) 39,000 1,005,225


Portfolio, Institutional Class,0.03%(k)(l) 16,958,703 16,958,703

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CLO – Collateralized Loan ObligationCtfs. – CertificatesETF – Exchange-Traded FundIO – Interest OnlyLIBOR – London Interbank Offered RatePfd. – PreferredREIT – Real Estate Investment TrustSOFR – Secured Overnight Financing RateSTACR® – Structured Agency Credit RiskTBA – To Be AnnouncedUSD – U.S. Dollar


(a) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Theaggregate value of these securities at August 31, 2021 was $414,015,041, which represented 73.21% of the Fund’s Net Assets.

(b) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less anyapplicable fees. The rate shown is the rate in effect on August 31, 2021.

(c) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interestrate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees.The rate shown is the rate in effect on August 31, 2021.

(d) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(f) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O.(g) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(h) Perpetual bond with no specified maturity date.(i) All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and

swap agreements. See Note 1M and Note 1N.(j) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(k) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


ValueFebruary 28,

2021 Purchases

at Cost Proceeds

from Sales

Change inUnrealized


Gain Value

August 31, 2021 Dividend IncomeInvesco High Yield Bond Factor

ETF $ - $ 996,450 $ - $8,775 $- $ 1,005,225 $22,037Investments in Affiliated Money

Market Funds: Invesco Government & Agency

Portfolio, Institutional Class 32,800,718 86,470,221 (102,312,236) - - 16,958,703 2,433Invesco Treasury Portfolio,

Institutional Class 21,867,146 57,646,814 (68,208,158) - - 11,305,802 597Investments Purchased with

Cash Collateral fromSecurities on Loan:

Invesco Private Government Fund - 6,752,725 (6,752,725) - - - 20*Invesco Private Prime Fund - 10,652,834 (10,652,834) - - - 312*Total $54,667,864 $162,519,044 $(187,925,953) $8,775 $- $29,269,730 $25,399

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on theStatement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(l) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.



Shares Value

Money Market Funds–(continued) Invesco Treasury Portfolio,

Institutional Class, 0.01%(k)(l) 11,305,802 $ 11,305,802


28,264,505

TOTAL INVESTMENTS IN SECURITIES–117.27%(Cost $656,124,573)

663,124,157

OTHER ASSETS LESS LIABILITIES–(17.27)% (97,636,673)

NET ASSETS–100.00% $565,487,484

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Short Futures Contracts Number ofContracts

ExpirationMonth

NotionalValue Value


(Depreciation)

Interest Rate Risk

U.S. Treasury 10 Year Notes 391 December-2021 $(52,180,172) $(183,281) $ (183,281)

U.S. Treasury 10 Year Ultra Notes 294 December-2021 (43,516,593) (178,710) (178,710)

U.S. Treasury Long Bond 73 December-2021 (11,896,719) (38,781) (38,781)

U.S. Treasury Ultra Bonds 56 December-2021 (11,047,750) (76,563) (76,563)

Total Futures Contracts $(477,335) $ (477,335)

Open Over-The-Counter Credit Default Swap Agreements

Counterparty Reference Entity Buy/Sell

Protection

(Pay)/Receive

Fixed Rate Payment

Frequency Maturity

Date

ImpliedCredit

Spread(a) Notional Value

UpfrontPayments Paid

(Received) Value


(Depreciation)

Credit Risk

Merrill Lynch

Markit CMBXNorth America A

International

Index, Series 12,Version 1 Sell 2.00% Monthly 08/17/2061 1.9088% USD 10,000,000 $72,806 $58,719 $(14,087)

(a) Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms ofthe existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the creditdefault swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate adeteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate animproving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decreasereflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

USD –U.S. Dollar

Portfolio CompositionBy security type, based on Total Investmentsas of August 31, 2021

Asset-Backed Securities 66.1%

U.S. Government Sponsored Agency Mortgage-BackedSecurities 15.2

Agency Credit Risk Transfer Notes 8.2

Preferred Stocks 4.3

Money Market Funds 4.3

Security Type, each less than 1% of Total Investments 1.9


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(Cost $626,863,618) $633,854,427

Investments in affiliates, at value(Cost $29,260,955) 29,269,730


contracts 204,639

Swaps receivable – OTC 3,889

Premiums paid on swap agreements – OTC 72,806

Foreign currencies, at value (Cost $962) 958

Receivable for: Fund shares sold 107,149

Dividends 186,459

Interest 1,319,288


Other assets 77,812



Unrealized depreciation on swapagreements–OTC 14,087


Dividends 131,094







Net assets applicable to shares outstanding $ 565,487,484

Net assets consist of: Shares of beneficial interest $ 607,840,168


$565,487,484


Class C $ 6,925,420

Class R $ 4,251,787

Class Y $ 39,703,147


Class R5 $ 455,531

Class R6 $169,471,587


Class A 40,775,846

Class C 866,494

Class R 531,911

Class Y 4,962,303


Class R5 56,978

Class R6 21,237,367









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Dividends 1,603,449







Class C 31,757

Class R 10,215


Transfer agent fees – A, C, R, Y and Investor 368,069






Other 10,027








Swap agreements (61,801)

1,293,733



Foreign currencies (21)


Swap agreements 343,092

2,938,882




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Net increase in net assets resulting from operations 12,605,499 686,456


Class C (68,044) (235,881)

Class R (55,631) (129,518)

Class Y (617,680) (979,490)

Investor Class (289,816) (812,329)

Class R5 (6,907) (18,061)

Class R6 (3,095,433) (5,455,684)



Class C – (4,230)

Class R – (2,323)

Class Y – (17,566)

Investor Class – (14,569)

Class R5 – (324)

Class R6 – (97,842)



Share transactions–net: Class A (12,645,059) (31,361,922)

Class C 1,401,365 (2,933,812)

Class R 396,778 (159,887)

Class Y (10,126,515) 38,035,058

Investor Class (720,954) (2,926,497)

Class R5 65,007 (74,157)

Class R6 (58,926,936) 207,578,458




End of period $565,487,484 $642,405,428


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(Unaudited)


Ratio of

R

atio of

expenses

expenses

Net gains

to average

to average net

(losses)

net assets

assets without

R

atio of net

Net asset

on securities

D

ividends

w

ith fee waivers

fee w

aivers

investment

value,

N

et

(both

Total from

from net

N

et asset

N

et assets,

and/or

and/or

income

beginning

investm

ent

realized and

investment

investm

ent

Return of

Total

value, end

Total

end of period

expenses

expenses

to average

Portfolio

of period

income (a)

unrealized)

operations

incom

e

capital

distributions

of period

return (b)

(000’s omitted)

absorbed

absorbed

net assets

turnover (c)

Class A


$7.94

$0.11

$0.06

$

0.17

$(0.12)

$–

$(0.12)

$7.99

2.11%

$325,726

0.92%

(d)

0.92%(d)

2.70%

(d)

132%Year ended 02/28/21

8.68

0.23

(0.66)

(0.43)

(0.30)

(0.01)

(0.31)

7.94

(4.62)

336,319

0.97

0.97

3.16


8.51

0.35

0.22

0.57

(0.40)

–

(0.40)

8.68 6.75

405,061

1.00

1.00

4.08


8.65

0.27 (e)

(0.13)

0.14

(0.28)

–

(0.28)

8.51

1.66

424,003

1.01

1.08

3.12 (e)

119 (e) Year ended 02/28/18

8.84

0.12

(0.15)

(0.03)

(0.16)

–

(0.16)

8.65 (0.34)

482,902

0.98

0.98

1.34


9.02

0.11

(0.12) (f)

(0.01)

(0.17)

–

(0.17)

8.84 (0.15) (f)

559,388

0.97

0.97

1.25

30C

lass C

Six m

onths ended 08/31/21 7.94

0.08

0.06

0.14

(0.09)

–

(0.09)

7.99 1.72

6,925

1.67 (d)

1.67 (d)

1.95 (d)


8.68

0.18

(0.67)

(0.49)

(0.25)

(0.00)

(0.25)

7.94

(5.35)

5,489

1.72

1.72

2.41

276

Year ended 02/29/20

8.50

0.29

0.22

0.51

(0.33)

–

(0.33)

8.68

6.09

9,556

1.75

1.75

3.33


8.65

0.20 (e)

(0.13)

0.07

(0.22)

–

(0.22)

8.50

0.78

9,862

1.76

1.83

2.37 (e)

119 (e)

Year ended 02/28/18

8.83

0.05

(0.13)

(0.08)

(0.10)

–

(0.10)

8.65

(0.97)

30,223

1.73

1.73

0.59


9.02

0.04

(0.13) (f)

(0.09)

(0.10)

–

(0.10)

8.83 (1.00) (f)

40,481

1.72

1.72

0.50

30

Class R


7.95

0.10

0.05

0.15

(0.11)

–

(0.11)

7.99

1.89

4,252

1.17 (d)

1.17 (d)

2.45 (d)

132

Year ended 02/28/21

8.69

0.22

(0.67)

(0.45)

(0.28)

(0.01)

(0.29)

7.95 (4.85)

3,832

1.22

1.22

2.91


8.52

0.33

0.21

0.54

(0.37)

–

(0.37)

8.69 6.48

4,443

1.25

1.25

3.83

97

Year ended 02/28/19

8.66

0.25 (e)

(0.13)

0.12

(0.26)

–

(0.26)

8.52 1.41

5,557

1.26

1.33

2.87 (e)

119 (e) Year ended 02/28/18

8.85

0.10

(0.15)

(0.05)

(0.14)

–

(0.14)

8.66 (0.58)

5,427

1.23

1.23

1.09

25

Year ended 02/28/17

9.03

0.09

(0.12) (f)

(0.03)

(0.15)

–

(0.15)

8.85

(0.39) (f)

6,219

1.22

1.22

1.00

30C

lass Y

Six m


0.12

0.06

0.18

(0.13)

–

(0.13)

8.00 2.23

39,703

0.67 (d)

0.67 (d)

2.95 (d)


8.69

0.26

(0.67)

(0.41)

(0.32)

(0.01)

(0.33)

7.95

(4.37)

49,578

0.72

0.72

3.41

276

Year ended 02/29/20

8.52

0.38

0.21

0.59

(0.42)

–

(0.42)

8.69

7.02

10,540

0.75

0.75

4.33


8.67

0.29 (e)

(0.14)

0.15

(0.30)

–

(0.30)

8.52

1.80

9,674

0.76

0.83

3.37 (e)

119 (e)

Year ended 02/28/18

8.86

0.14

(0.15)

(0.01)

(0.18)

–

(0.18)

8.67

(0.08)

10,671

0.73

0.73

1.59


9.04

0.14

(0.13) (f)

0.01

(0.19)

–

(0.19)

8.86

0.11 (f)

12,554

0.72

0.72

1.50

30

Investor Class


7.95

0.11

0.06

0.17

(0.12)

–

(0.12)

8.00

2.14 (g)

18,954

0.83 (d)(g)

0.83 (d)(g)

2.79 (d)(g)


8.69

0.24

(0.67)

(0.43)

(0.30)

(0.01)

(0.31)

7.95

(4.55) (g)

19,552

0.89 (g)

0.89 (g)

3.24 (g)

276

Year ended 02/29/20

8.52

0.36

0.21

0.57

(0.40)

–

(0.40)

8.69

6.81 (g)

24,787

0.93 (g)

0.93 (g)

4.15 (g)


8.66

0.27 (e)

(0.13)

0.14

(0.28)

–

(0.28)

8.52

1.71 (g)

25,692

0.95 (g)

1.02 (g)

3.18 (e)(g)

119 (e) Year ended 02/28/18

8.85

0.12

(0.14)

(0.02)

(0.17)

–

(0.17)

8.66 (0.29) (g)

30,085

0.96 (g)

0.96 (g)

1.36 (g)

25

Year ended 02/28/17

9.03

0.12

(0.13) (f)

(0.01)

(0.17)

–

(0.17)

8.85

(0.12) (f)(g)

35,471

0.92 (g)

0.92 (g)

1.30 (g)

30

Class R

5

Six m


0.13

0.05

0.18

(0.13)

–

(0.13)

7.99 2.28

456

0.50 (d)

0.50 (d)

3.12 (d)


8.68

0.26

(0.67)

(0.41)

(0.32)

(0.01)

(0.33)

7.94

(4.26)

388

0.57

0.57

3.56

276

Year ended 02/29/20

8.51

0.38

0.22

0.60

(0.43)

–

(0.43)

8.68

7.11

508

0.64

0.64

4.44

97

Year ended 02/28/19

8.66

0.30 (e)

(0.14)

0.16

(0.31)

–

(0.31)

8.51 1.87

946

0.70

0.73

3.43 (e)

119 (e) Year ended 02/28/18

8.85

0.15

(0.14)

0.01

(0.20)

–

(0.20)

8.66

0.04

615

0.58

0.58

1.74


9.03

0.14

(0.12) (f)

0.02

(0.20)

–

(0.20)

8.85

0.20 (f)

1,093

0.62

0.62

1.60

30C

lass R6


7.93

0.13

0.05

0.18

(0.13)

–

(0.13)

7.98

2.33

169,472

0.49 (d)

0.49 (d)

3.13 (d)


8.67

0.27

(0.67)

(0.40)

(0.33)

(0.01)

(0.34)

7.93

(4.23)

227,247

0.52

0.52

3.61


8.51

0.39

0.20

0.59

(0.43)

–

(0.43)

8.67 7.00

36

0.63

0.63

4.45

97

Year ended 02/28/19

8.66

0.30 (e)

(0.14)

0.16

(0.31)

–

(0.31)

8.51 1.88

42

0.69

0.70

3.44 (e)

119 (e) Period ended 02/28/18 (h)

8.84

0.14

(0.14)

(0.00)

(0.18)

–

(0.18)

8.66 (0.03)

6,663

0.57 (d)

0.57 (d)

1.75 (d)

25

(a) C

alculated using average shares outstanding.(b)

Includes adjustments in accordance w

ith accounting principles generally accepted in the United States of Am

erica and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from

the net asset value and returns forshareholder transactions. D



Annualized.





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Page 2 of 2

(e) Effective July 26, 2018, the Fund m

odified certain investment policies utilized in achieving its investm

ent objective throughout the period. The Fund’s net investment incom

e and portfolio turnover have increased significantly due to the realignment of the Fund’s portfolio of investm

ents asa result of these changes.

(f) Includes litigation proceeds received during the period. H

ad the litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share w

ould have been $(0.17), $(0.18), $(0.17), $(0.18), $(0.18) and $(0.17) for Class A, C

lass C, C

lass R, C

lass Y,Investor C

lass and Class R

5 shares, respectively and total returns would have been low

er.(g)

The total return, ratio of expenses to average net assets and ratio of net investment incom

e to average net assets reflect actual 12b-1 fees of 0.16%, 0.17%

, 0.19%, 0.19%

, 0.23% and 0.21%

for the six months ended August 31, 2021 and years ended February 28, 2021, February 29,

2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.(h)

Com

mencem

ent date of April 4, 2017.

See accompanying N




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NOTE 1–Significant Accounting PoliciesInvesco Income Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the“Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficialinterest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will bevoted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is current income, and secondarily, capital appreciation.The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and

Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales chargeunless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred salescharges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at netasset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund(the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the monthfollowing the eighth anniversary after a purchase of Class C shares.












B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses





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Page 2 of 215 Invesco Income Fund

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Page 1 of 2

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, ifany) is recorded on the ex-dividend date.













I. Commercial Mortgage-Backed Securities – The Fund may invest in both single and multi-issuer Commercial Mortgage-BackedSecurities (“CMBS”). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBSis a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property.CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity.Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents aninterest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those ofdirect ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which couldlead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and thetiming of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS.Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of incomerecognized on these securities, or the amortized cost of these securities. The Fund amortizes premiums and/or accretes discountsbased on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statement of Operations asNet realized gain (loss) from unaffiliated investment securities and Change in net unrealized appreciation (depreciation)of unaffiliatedinvestment securities, respectively.

J. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Suchloans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lendingprovider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies.Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money marketfunds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment ofcollateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the nextbusiness day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily lessthan the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, includingthe economic equivalent of dividends or interest





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Page 2 of 2 16 Invesco Income Fund

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Page 1 of 1

generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of thesecurities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return thesecurities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower willreturn to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities,collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund couldexperience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result inpotential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiencyin the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cashcollateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividendsfrom affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as afootnote on the Statement of Assets and Liabilities.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks andmajor currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) andincome items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates oninvestments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreignexchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the netrealized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains orlosses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates onsecurities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded onthe Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains andlosses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resultingfrom changes in exchange rates.


L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for promptdelivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.



M. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market pricemovements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlyingsecurity, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date.The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financialinstrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities orcash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the valueof the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent orvariation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts arereflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fundrecognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’sbasis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period isincluded on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of aliquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, theFund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain themargin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, asCounterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in theStatement of Assets and Liabilities.

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and creditdefault swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions areagreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) betweentwo parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and clearedthrough a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among otherconditions, events of default and termination events, and various covenants and representations such as provisions that require theFund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specificperiods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may beable to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.


In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrallycleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the centralCounterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the centralCounterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margindeposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securitiesdeposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assetsand Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund ormay be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreementand is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swapis terminated at which time a realized gain or loss is recorded.


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Page 1 of 2A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection

by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If adefined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixedpayment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notionalvalue, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive afixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protectionseller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of thereferenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold inorder to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and themarket value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, theFund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfoliobecause, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. Inconnection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respectiveswap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvencyof a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financialdifficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss fromCounterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated byhaving a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterpartyto cover the Fund’s exposure to the Counterparty.



Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statementof Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day.Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and maybe referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swapagreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. Aliquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement ofOperations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of aFund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets andLiabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, andCounterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that aswap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest ratesand market fluctuations. It is possible that developments in the swaps market, including potential government regulation, couldadversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit relatedcontingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that,for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement,which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security posesmore risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’sexposure is unlimited.


O. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’sperformance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forwardcommitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with asimultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Thesetransactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar rollcommitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, theFund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk thatthe value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated topurchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of aFund’s fundamental investment limitation on senior securities and borrowings.

P. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interestrate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out theuse of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selectionof widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remainsuncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fundor the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics ofany alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments usingan alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption ofalternative reference rates could result in losses to the Fund.

Q. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is theFund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged ascollateral for securities lending transactions.

R. Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary inthe level of support they receive from the government. The government may choose not to provide financial support to governmentsponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not beable to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed bythe U.S. Government.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central bankskeeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign ratesmay expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly thosewith longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightenedvolatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price maydecline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentiallyincrease portfolio turnover and the Fund’s transaction costs.





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Page 2 of 2 18 Invesco Income Fund

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LSWP64RS2321.10.7.0

Page 1 of 1CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during

periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinatetranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if theFund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbslosses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest orprincipal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, aconvertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certainconvertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certaintriggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.


The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities ofcomparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk ofdefault by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subjectto prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes inprepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, therebyreducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that anunexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securitiesand the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affectthe value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time orprice it desires.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments,legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions mayaffect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of amunicipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline inthe security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the currentfederal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipalsecurities.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities alsomay be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid thanmany other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend tobe more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.


Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.S. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,

liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.





First $200 million 0.500%



Next $19.5 billion 0.300%

Over $20.5 billion 0.240%



The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%,1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligationto waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annualfund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividendexpense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurredbut did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate onJune 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce theadvisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during theperiod under these expense limits. 19 Invesco Income Fund

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Page 1 of 1Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an

amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund ofuninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $247.The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund,pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00%of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to theInvestor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to amaximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Ofthe Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personalshareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Planswould constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the totalsales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months endedAugust 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.




GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level: Level 1 – Prices are determined using quoted prices in an active market for identical assets. Level 2 –


Level 3 –





Asset-Backed Securities $ – $438,519,429 $– $438,519,429

U.S. Government Sponsored Agency Mortgage-Backed Securities – 100,580,850 – 100,580,850

Agency Credit Risk Transfer Notes – 54,714,815 – 54,714,815

Preferred Stocks 28,442,000 – – 28,442,000

Common Stocks & Other Equity Interests 5,526,450 – – 5,526,450

U.S. Dollar Denominated Bonds & Notes – 4,091,302 – 4,091,302




Total Investments in Securities 63,238,180 599,885,977 – 663,124,157



Swap Agreements – (14,087) – (14,087)

Total Other Investments (477,335) (14,087) – (491,422)

Total Investments $62,760,845 $599,871,890 $– $662,632,735

* Unrealized appreciation (depreciation). 20 Invesco Income Fund

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Page 1 of 1NOTE4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered intounder an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out nettingprovisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of thenetting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.




Value

Credit Interest Derivative Liabilities Risk Rate Risk Total

Unrealized depreciation on futures contracts – Exchange-Traded(a) $ - $(477,335) $(477,335)

Unrealized depreciation on swap agreements – OTC (14,087) - (14,087)



Total Derivative Liabilities subject to master netting agreements $(14,087) $ - $ (14,087)




FinancialDerivative

Assets

FinancialDerivativeLiabilities

Collateral(Received)/Pledged

Counterparty Swap

Agreement Swap

Agreement Net Value ofDerivatives Non-Cash Cash

NetAmount

Merrill Lynch International $76,695 $(14,087) $62,608 $– $– $62,608




CreditRisk


Realized Gain (Loss): Futures contracts $ - $ 826,963 $ 826,963

Swap agreements (61,801) - (61,801)

Change in Net Unrealized Appreciation (Depreciation): Futures contracts - (2,390,525) (2,390,525)

Swap agreements 343,092 - 343,092

Total $281,291 $(1,563,562) $(1,282,271)

The table below summarizes the average notional value of derivatives held during the period. Futures Swap Contracts Agreements

Average notional value $119,746,883 $21,666,667




Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of theFund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also includeamounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option toselect various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligibleto participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on thenumber of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under 21 Invesco Income Fund

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Page 1 of 1such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligationsunder the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.


The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time theborrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, thecustodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amountdue custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensatingbalance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying thecustodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund maynot purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when anyborrowings from an Invesco Fund are outstanding.


The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which maydiffer from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital losscarryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets willbe reported at the Fund’s fiscal year-end.












Net unrealized appreciation of investments $ 4,526,392

Cost of investments for tax purposes is $ 658,106,343.

NOTE 10–Share Information



Sold: Class A 1,062,417 $ 8,473,039 2,226,448 $ 16,564,185

Class C 305,272 2,436,383 320,565 2,429,814

Class R 81,828 653,103 174,836 1,301,117

Class Y 683,334 5,464,708 5,982,713 45,144,577

Investor Class 136,402 1,087,614 259,252 1,966,461

Class R5 8,289 66,193 18,795 137,686

Class R6 1,099,268 8,742,275 29,040,117 210,551,966

Issued as reinvestment of dividends: Class A 527,999 4,214,741 1,607,668 11,729,640

Class C 7,574 60,489 27,388 198,770

Class R 6,960 55,588 17,923 130,650

Class Y 51,271 409,977 79,902 600,249

Investor Class 33,976 271,612 108,678 793,219

Class R5 845 6,747 2,466 17,939

Class R6 388,218 3,095,293 725,842 5,553,111

Automatic conversion of Class C shares to Class A shares: Class A 38,847 309,954 234,191 1,778,837

Class C (38,843) (309,954) (234,132) (1,778,837)


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Reacquired: Class A (3,214,889) $(25,642,793) (8,378,628) $ (61,434,584)

Class C (98,428) (785,553) (523,859) (3,783,559)

Class R (39,093) (311,913) (221,744) (1,591,654)

Class Y (2,007,007) (16,001,200) (1,040,220) (7,709,768)

Investor Class (260,388) (2,080,180) (761,076) (5,686,177)

Class R5 (995) (7,933) (30,899) (229,782)

Class R6 (8,898,943) (70,764,504) (1,121,320) (8,526,619)

Net increase (decrease) in share activity (10,126,086) $(80,556,314) 28,514,906 $208,157,241


In addition, 28% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. 23 Invesco Income Fund

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Actual expenses







Class A $1,000.00 $1,021.10 $4.69 $1,020.57 $4.69 0.92%Class C 1,000.00 1,017.20 8.49 1,016.79 8.49 1.67Class R 1,000.00 1,018.90 5.95 1,019.31 5.96 1.17Class Y 1,000.00 1,022.30 3.42 1,021.83 3.41 0.67

Investor Class 1,000.00 1,021.40 4.23 1,021.02 4.23 0.83Class R5 1,000.00 1,022.80 2.55 1,022.68 2.55 0.50Class R6 1,000.00 1,023.30 2.50 1,022.74 2.50 0.49




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoIncome Fund’s (the Fund) Master InvestmentAdvisory Agreement with Invesco Advisers,Inc. (Invesco Advisers and the investmentadvisory agreement) and the MasterIntergroup Sub-Advisory Contract for MutualFunds with Invesco Asset ManagementDeutschland GmbH, Invesco AssetManagement Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determined thatthe compensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts.

As part of the contract renewal process, theBoard reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal process to ensurethey are negotiated in a manner that is atarms’ length and reasonable. In addition tomeetings with Invesco Advisers and fundcounsel

throughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees also discussedthe continuance of the investment advisoryagreement and sub-advisory contracts inseparate sessions with the Senior Officer andwith independent legal counsel.



The Board reviewed the nature, extent andquality of the advisory services provided to theFund by Invesco Advisers under the Fund’sinvestment advisory agreement, and thecredentials and experience of the officers andemployees of Invesco Advisers who providethese services, including the Fund’s portfoliomanager(s). The Board’s review includedconsideration of Invesco Advisers’ investmentprocess and oversight, credit analysis, andresearch capabilities. The Board consideredinformation regarding Invesco Advisers’programs for and resources devoted to riskmanagement, including management ofinvestment, enterprise, operational, liquidity,valuation and compliance risks, and technologyused to manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator of theInvesco Funds’ liquidity risk managementprogram. The Board received a description ofInvesco Advisers’ business continuity plansand of its approach to data privacy andcybersecurity, including related testing. TheBoard considered how the cybersecurity andbusiness continuity plans of Invesco Advisersand its key service providers operated in theincreased remote working environmentresulting from the novel coronavirus(“COVID-19”) pandemic. The Board alsoconsidered non-advisory services that InvescoAdvisers and its affiliates provide to theInvesco Funds, such as various back officesupport functions, third party oversight, internalaudit, valuation, portfolio trading and legal andcompliance. The Board observed that InvescoAdvisers has been able to effectively manage,operate and oversee the Invesco Fundsthrough the challenging COVID-19 pandemicperiod. The Board reviewed and consideredthe benefits to shareholders of investing in aFund that is part of the family of funds underthe umbrella of Invesco Ltd., Invesco Advisers’parent company, and noted Invesco Ltd.’sdepth and experience in running

an investment management business, as wellas its commitment of financial and otherresources to such business. The Boardconcluded that the nature, extent and qualityof the services provided to the Fund byInvesco Advisers are appropriate andsatisfactory.


The Board compared the Fund’sinvestment performance over the multipletime periods ending December 31, 2020 tothe performance of funds in the Broadridgeperformance universe and against theBloomberg Barclays U.S. Aggregate BondIndex (Index). The Board noted thatperformance of Class A shares of the Fundwas in the fifth quintile for the one, three andfive year periods. The Board noted thatperformance of Class A shares of the Fundwas below the performance of the Index forthe one, three and five year periods. TheBoard noted that the Fund had changed itsname, investment strategy and index as ofJuly 26, 2018 and that the performanceresults prior to the 2018 calendar year werewith respect to the Fund’s prior investmentstrategy. As a result, the Board did notconsider performance results prior to 2018 tobe particularly relevant. The Board discussedcontributors to and detractors from Fundperformance for periods after 2018 whichreflect the Fund’s utilization of its currentstrategy. The Board noted that allocation toand security selection within certainstructured credit sectors and industriesdetracted from Fund performance. The Boardrecognized that the performance data reflectsa snapshot in time as of a particular date andthat selecting a different performance periodcould produce different results. The Boardalso reviewed more recent Fund performanceas well as other performance metrics, whichdid not change its conclusions.

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C. Advisory and Sub-Advisory Fees and FundExpenses

The Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual management fee rate forClass A shares of the Fund was below themedian contractual management fee rate offunds in its expense group. The Board notedthat the term “contractual management fee”for funds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information, whichincludes using each fund’s contractualmanagement fee schedule (including anyapplicable breakpoints) as reported in themost recent prospectus or statement ofadditional information for each fund in theexpense group. The Board also consideredcomparative information regarding the Fund’stotal expense ratio and its variouscomponents.



The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefits fromeconomies of scale through contractualbreakpoints in the Fund’s advisory feeschedule, which generally operate to reducethe Fund’s expense ratio as it grows in size.The Board noted that the Fund also shares ineconomies of scale through Invesco Advisers’ability to negotiate lower fee arrangementswith third party service providers. The Boardnoted that the Fund may also benefit fromeconomies of scale through initial fee setting,fee waivers and expense reimbursements, aswell as Invesco Advisers’ investment in itsbusiness, including investments in businessinfrastructure, technology and cybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information from InvescoAdvisers concerning the costs of the advisoryand other services that Invesco Advisers andits affiliates provide to the Fund and theInvesco Funds and the profitability of InvescoAdvisers and its affiliates in providing theseservices in the aggregate and on anindividual Fund-by-Fund basis. The Boardconsidered the methodology used forcalculating profitability and noted that suchmethodology had recently been reviewed andenhanced. The Board noted that InvescoAdvisers continues to operate at a net profitfrom services Invesco Advisers and itsaffiliates provide to

the Invesco Funds in the aggregate and tomost Funds individually. The Board did notdeem the level of profits realized by InvescoAdvisers and its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided. TheBoard noted that Invesco Advisers providedinformation demonstrating that InvescoAdvisers is financially sound and has theresources necessary to perform its obligationsunder the investment advisory agreement, andprovided representations indicating that theAffiliated Sub-Advisers are financially soundand have the resources necessary to performtheir obligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its


The Board considered the benefits realizedby Invesco Advisers and the AffiliatedSub-Advisers as a result of portfolio brokeragetransactions executed through “soft dollar”arrangements. Invesco Advisers noted that theFund does not execute brokerage transactionsthrough “soft dollar” arrangements to anysignificant degree.

The Board considered that the Fund’suninvested cash and cash collateral from anysecurities lending arrangements may beinvested in registered money market funds or,with regard to securities lending cashcollateral, unregistered funds that comply withRule 2a-7 (collectively referred to as “affiliatedmoney market funds”) advised by InvescoAdvisers. The Board considered informationregarding the returns of the affiliated moneymarket funds relative to comparable overnightinvestments, as well as the fees paid by theaffiliated money market funds to InvescoAdvisers and its affiliates. In this regard, theBoard noted that Invesco Advisers receivesadvisory fees from these affiliated moneymarket funds attributable to the Fund’sinvestments. The Board also noted thatInvesco Advisers has contractually agreed towaive through varying periods an amountequal to 100% of the net advisory fee InvescoAdvisers receives from the affiliated moneymarket funds with respect to the Fund’sinvestment in the affiliated money market fundsof uninvested cash, but not cash collateral. TheBoard concluded that the advisory feespayable to Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in the affiliatedmoney market funds are for services that arenot duplicative of services provided by InvescoAdvisers to the Fund.

The Board also received information aboutcommissions that an affiliated broker mayreceive for executing certain trades for theFund. Invesco Advisers and the AffiliatedSub-Advisers advised the

Board of the benefits to the Fund of executingtrades through the affiliated broker and thatsuch trades were executed in compliancewith rules under the federal securities lawsand consistent with best executionobligations.

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Go paperless with eDeliveryVisit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investmentdocuments.

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SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. INC-SAR-1

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209907 EDG 1INVESCOINTERMEDIATE BOND FA


Donnelley Financial LSWtiwaa0apNone

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Invesco Intermediate Bond Factor Fund Nasdaq: A: OFIAX ∎ C: OFICX ∎ R: OFINX ∎ Y: OFIYX ∎ R5: IOTEX ∎ R6: OFIIX




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Fund Performance

2 Invesco Intermediate Bond Factor Fund

Performance summary


Class A Shares 1.81% Class C Shares 1.43 Class R Shares 1.60 Class Y Shares 1.94 Class R5 Shares 1.85 Class R6 Shares 1.94 Bloomberg U.S. Aggregate Bond Index▼ 1.49 Source(s): ▼RIMES Technologies Corp. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index consideredrepresentative of the US investment-grade, fixed-rate bond market.

The Fund is not managed to track the performance of any particular index,including the index(es) described here, and consequently, the performance of theFund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, indexresults include reinvested dividends, and they do not reflect sales charges.Performance of the peer group, if applicable, reflects fund expenses; performanceof a market index does not.


Read the most recent quarterly commentary from your Fund’s portfolio managers by visitinginvesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder”to locate your Fund; then click on its name to access its product detail page. There, you canlearn more about your Fund’s investment strategies, holdings and performance. Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals sharetheir insights about market and economic news and trends.

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Class A Shares Inception (8/2/10) 4.31% 10 Years 4.10 5 Years 2.44 1 Year -3.04 Class C Shares

Inception (8/2/10) 4.11% 10 Years 3.89 5 Years 2.50 1 Year -0.51 Class R Shares

Inception (8/2/10) 4.40% 10 Years 4.25 5 Years 3.00 1 Year 0.91 Class Y Shares

Inception (8/2/10) 4.95% 10 Years 4.81 5 Years 3.62 1 Year 1.46 Class R5 Shares

10 Years 4.60% 5 Years 3.42 1 Year 1.46 Class R6 Shares

Inception (11/28/12) 3.96% 5 Years 3.68 1 Year 1.46

Effective May 24, 2019, Class A,Class C, Class R, Class Y and Class Ishares of the OppenheimerIntermediate Income Fund, (thepredecessor fund), were reorganizedinto Class A, Class C, Class R, Class Yand Class R6 shares, respectively, ofthe Invesco Oppenheimer IntermediateIncome Fund. The Fund wassubsequently renamed the InvescoIntermediate Bond Factor Fund (theFund). Returns shown above, forperiods ending on or prior to May 24,2019, for Class A, Class C, Class R,Class Y and Class R6 shares are thosefor Class A, Class C, Class R, Class Yand Class I shares of the predecessorfund. Share class returns will differfrom the predecessor fund because ofdifferent expenses. For periods priorto February 28, 2020, performanceshown is that of the Fund using itsprevious past performance investmentstrategy. Therefore, the pastperformance shown for periods priorto February 28, 2020 may have differedhad the Fund’s current investmentstrategy been in effect. Class R5 shares incepted onMay 24, 2019. Performance shown onand prior to that date is that of thepredecessor fund’s Class A shares atnet asset value and includes the 12b-1fees applicable to Class A shares. The performance data quotedrepresent past performance andcannot guarantee future results;current performance may be

lower or higher. Please visitinvesco.com/performance for the mostrecent month-end performance.Performance figures reflect reinvesteddistributions, changes in net assetvalue and the effect of the maximumsales charge unless otherwise stated.Performance figures do not reflectdeduction of taxes a shareholder wouldpay on Fund distributions or sale ofFund shares. Investment return andprincipal value will fluctuate so that youmay have a gain or loss when you sellshares. Class A share performance reflectsthe maximum 4.25% sales charge, andClass C share performance reflects theapplicable contingent deferred salescharge (CDSC) for the period involved.The CDSC on Class C shares is 1% forthe first year after purchase. Class R,Class Y, Class R5 and Class R6 sharesdo not have a front-end sales charge ora CDSC; therefore, performance is atnet asset value. The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses. Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursedexpenses currently or in the past,returns would have been lower. Seecurrent prospectus for moreinformation.

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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco Intermediate Bond Factor Fund

Principal

Amount ValueU.S. Dollar Denominated Bonds & Notes–49.51%Advertising–0.11% Omnicom Group, Inc./Omnicom

Capital, Inc., 3.65%, 11/01/2024 $ 200,000 $ 216,969

Aerospace & Defense–1.00% Boeing Co. (The), 3.10%,

05/01/2026 725,000 769,458Hexcel Corp., 4.20%, 02/15/2027 370,000 405,546Raytheon Technologies Corp.,

3.50%, 03/15/2027 292,000 322,959Rockwell Collins, Inc., 3.20%,

03/15/2024 441,000 468,723 1,966,686

Agricultural & Farm Machinery–0.22% CNH Industrial N.V. (United

Kingdom), 4.50%, 08/15/2023 400,000 429,005

Agricultural Products–0.30% Bunge Ltd. Finance Corp., 3.25%,

08/15/2026 553,000 599,453

Air Freight & Logistics–0.80% FedEx Corp.,

4.75%, 11/15/2045 600,000 757,7154.55%, 04/01/2046 668,000 820,567

1,578,282

Airlines–0.62% Delta Air Lines, Inc.,

3.80%, 04/19/2023 17,000 17,6232.90%, 10/28/2024 69,000 70,3443.75%, 10/28/2029 38,000 38,600

Southwest Airlines Co., 3.00%,11/15/2026 500,000 534,417

Spirit Airlines Pass-Through Trust,Series 2015-1A, 4.10%,10/01/2029 97,805 102,850

United Airlines Pass-Through Trust,Series 2019-1, Class AA, 4.15%,08/25/2031 408,089 446,949

1,210,783

Apparel Retail–0.77% TJX Cos., Inc. (The), 3.88%,

04/15/2030 1,312,000 1,518,250

Asset Management & Custody Banks–0.47% Affiliated Managers Group, Inc.,

4.25%, 02/15/2024 106,000 115,201Ameriprise Financial, Inc., 4.00%,

10/15/2023 241,000 259,077FS KKR Capital Corp., 4.13%,

02/01/2025 119,000 126,603Golub Capital BDC, Inc., 3.38%,

04/15/2024 240,000 252,043

Principal

Amount ValueAsset Management & Custody Banks–(continued)Main Street Capital Corp., 5.20%,

05/01/2024 $ 150,000 $ 162,871 915,795

Automobile Manufacturers–1.34% American Honda Finance Corp.,

3.50%, 02/15/2028 848,000 944,035Ford Motor Co., 4.75%, 01/15/2043 100,000 108,003Ford Motor Credit Co. LLC, 3.09%,

01/09/2023 385,000 392,700General Motors Co.,

6.60%, 04/01/2036 100,000 136,9295.15%, 04/01/2038 49,000 59,1886.25%, 10/02/2043 403,000 552,6226.75%, 04/01/2046 259,000 375,3815.95%, 04/01/2049 44,000 60,020

2,628,878

Biotechnology–0.44% AbbVie, Inc., 2.95%, 11/21/2026 117,000 126,161Amgen, Inc.,

3.63%, 05/22/2024 425,000 456,2992.20%, 02/21/2027 17,000 17,727

Gilead Sciences, Inc., 3.70%,04/01/2024 250,000 268,072

868,259

Brewers–0.41% Anheuser-Busch InBev Worldwide,

Inc. (Belgium), 8.20%, 01/15/2039 262,000 441,356Molson Coors Beverage Co.,

5.00%, 05/01/2042 165,000 205,6824.20%, 07/15/2046 140,000 158,462

805,500

Broadcasting–0.40% Discovery Communications LLC,

4.13%, 05/15/2029 289,000 326,627ViacomCBS, Inc., 4.75%, 05/15/2025 400,000 451,166 777,793

Building Products–0.05% Owens Corning, 7.00%, 12/01/2036 62,000 90,701

Cable & Satellite–1.36% Charter Communications Operating

LLC/ Charter CommunicationsOperating Capital Corp.,5.05%, 03/30/2029 419,000 496,6495.13%, 07/01/2049 50,000 60,176

Comcast Corp., 3.60%, 03/01/2024 403,000 433,723Grupo Televisa S.A.B. (Mexico),

4.63%, 01/30/2026 450,000 501,835

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Principal

Amount ValueCable & Satellite–(continued) Time Warner Cable LLC,

7.30%, 07/01/2038 $ 106,000 $ 154,5975.50%, 09/01/2041 408,000 510,4644.50%, 09/15/2042 420,000 470,607

Time Warner Entertainment Co. L.P.,8.38%, 07/15/2033 35,000 52,170

2,680,221

Commodity Chemicals–0.02%Westlake Chemical Corp., 5.00%,

08/15/2046 27,000 34,442

Communications Equipment–0.02%Juniper Networks, Inc., 5.95%,

03/15/2041 14,000 18,941Motorola Solutions, Inc., 5.50%,

09/01/2044 14,000 18,437 37,378


6.02%, 06/15/2026 400,000 478,0038.10%, 07/15/2036 52,000 79,8528.35%, 07/15/2046 140,000 230,150

788,005

Construction & Engineering–0.08%Fluor Corp.,

3.50%, 12/15/2024 32,000 33,6714.25%, 09/15/2028 38,000 39,856

Valmont Industries, Inc., 5.25%,10/01/2054 73,000 93,696

167,223

Construction Machinery & Heavy Trucks–0.84% Caterpillar Financial Services Corp.,

3.25%, 12/01/2024 637,000 694,366Cummins, Inc., 3.65%, 10/01/2023 479,000 508,266nVent Finance S.a.r.l. (United

Kingdom), 4.55%, 04/15/2028 400,000 444,607 1,647,239

Consumer Finance–0.77% Ally Financial, Inc., 8.00%,

11/01/2031 218,000 319,939American Express Co.,

3.40%, 02/22/2024 350,000 373,8123.00%, 10/30/2024 75,000 80,313

Capital One Bank USA N.A., 3.38%,02/15/2023 250,000 260,638

Capital One Financial Corp., 3.75%,04/24/2024 453,000 487,799

1,522,501

Distillers & Vintners–0.50% Diageo Capital PLC (United

Kingdom),2.13%, 10/24/2024 574,000 600,3433.88%, 05/18/2028 330,000 378,189

978,532

Principal

Amount ValueDiversified Banks–7.38% Banco Santander S.A. (Spain),

5.18%, 11/19/2025 $ 600,000 $ 687,3824.25%, 04/11/2027 400,000 453,4574.38%, 04/12/2028 200,000 229,727

Bancolombia S.A. (Colombia), 3.00%,01/29/2025 213,000 216,971

Bank of America Corp.,4.45%, 03/03/2026 430,000 485,2871.32%, 06/19/2026(b) 405,000 406,4513.56%, 04/23/2027(b) 221,000 242,576Series DD, 6.30%(b)(c) 257,000 299,958

Bank of America N.A., 3.34%,01/25/2023(b) 427,000 432,195

Bank of Montreal (Canada), 3.80%,12/15/2032(b) 300,000 331,947

Barclays Bank PLC (UnitedKingdom), 3.75%, 05/15/2024 240,000 260,374

Barclays PLC (United Kingdom),5.20%, 05/12/2026 284,000 327,0053.56%, 09/23/2035(b) 400,000 418,3227.88%(b)(c)(d) 75,000 77,5268.00%(b)(c) 94,000 106,866

BPCE S.A. (France), 4.50%,03/15/2025(d) 195,000 215,741

Citigroup, Inc.,4.04%, 06/01/2024(b) 300,000 318,3073.67%, 07/24/2028(b) 100,000 110,9108.13%, 07/15/2039 200,000 345,376

Cooperatieve Rabobank U.A.(Netherlands), 3.95%, 11/09/2022 900,000 937,622

HSBC Bank USA N.A., 5.88%,11/01/2034 700,000 923,631

HSBC Holdings PLC (UnitedKingdom),4.25%, 03/14/2024 454,000 489,7753.95%, 05/18/2024(b) 300,000 317,2864.29%, 09/12/2026(b) 325,000 361,1894.58%, 06/19/2029(b) 165,000 190,7776.10%, 01/14/2042 342,000 505,223

JPMorgan Chase & Co.,3.80%, 07/23/2024(b) 258,000 273,8643.88%, 09/10/2024 502,000 546,6767.75%, 07/15/2025 250,000 310,936

Lloyds Banking Group PLC (UnitedKingdom),4.50%, 11/04/2024 350,000 386,7174.45%, 05/08/2025 755,000 844,3193.87%, 07/09/2025(b) 201,000 217,7543.75%, 01/11/2027 375,000 416,054

National Australia Bank Ltd.(Australia), 2.50%, 07/12/2026 250,000 266,670

Sumitomo Mitsui Financial Group,Inc. (Japan), 2.35%, 01/15/2025 200,000 208,910

Svenska Handelsbanken AB(Sweden), 3.90%, 11/20/2023 474,000 511,764

U.S. Bancorp, Series W, 3.10%,04/27/2026 160,000 174,294

Westpac Banking Corp. (Australia),3.30%, 02/26/2024 147,000 157,3892.85%, 05/13/2026 451,000 489,068

14,496,296

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Principal

Amount ValueDiversified Capital Markets–0.36% Credit Suisse Group AG

(Switzerland), 3.87%,01/12/2029(b)(d) $ 189,000 $ 209,163

Deutsche Bank AG (Germany),3.95%, 02/27/2023 343,000 359,729

UBS Group AG (Switzerland),7.00%(b)(c)(d) 125,000 137,123

706,015

Diversified Chemicals–0.03% Dow Chemical Co. (The), 9.40%,

05/15/2039 32,000 58,807

Diversified REITs–0.02% CyrusOne L.P./CyrusOne Finance

Corp., 3.45%, 11/15/2029 33,000 34,711

Drug Retail–0.15% Walgreens Boots Alliance, Inc.,

4.80%, 11/18/2044 245,000 299,105

Education Services–0.02% California Institute of Technology,

4.70%, 11/01/2111 27,000 39,810

Electric Utilities–3.21% AEP Texas, Inc., 3.95%,

06/01/2028(d) 806,000 910,509Duke Energy Corp., 3.75%,

04/15/2024 290,000 311,304Edison International,

5.75%, 06/15/2027 150,000 171,5734.13%, 03/15/2028 228,000 244,213

EDP Finance B.V. (Portugal),3.63%, 07/15/2024(d) 349,000 374,210

Eversource Energy, Series L,2.90%, 10/01/2024 230,000 244,077

ITC Holdings Corp., 5.30%,07/01/2043 323,000 433,022

National Grid USA, 5.80%,04/01/2035 146,000 183,430

NextEra Energy Capital Holdings,Inc., 5.65%, 05/01/2079(b) 235,000 275,821

Oglethorpe Power Corp., 5.95%,11/01/2039 374,000 512,628

Southern California Edison Co.,6.65%, 04/01/2029 500,000 620,4946.00%, 01/15/2034 168,000 222,937

Southern Power Co., 5.15%,09/15/2041 435,000 543,411

Union Electric Co., 8.45%,03/15/2039 400,000 690,020

Virginia Electric & Power Co.,8.88%, 11/15/2038 316,000 568,040

6,305,689

Electronic Components–0.18% Amphenol Corp., 3.20%, 04/01/2024 111,000 117,514Corning, Inc.,

5.35%, 11/15/2048 50,000 69,7995.85%, 11/15/2068 110,000 165,648

352,961

Principal

Amount ValueFertilizers & Agricultural Chemicals–0.03% Mosaic Co. (The),

5.45%, 11/15/2033 $ 19,000 $ 24,1195.63%, 11/15/2043 24,000 31,961

56,080

Health Care Equipment–0.19% Baxter International, Inc., 3.95%,

04/01/2030 318,000 366,949

Health Care Facilities–1.06% CommonSpirit Health,

1.55%, 10/01/2025 314,000 318,2453.35%, 10/01/2029 375,000 407,578

HCA, Inc.,5.25%, 04/15/2025 197,000 224,9585.25%, 06/15/2049 300,000 392,357

SSM Health Care Corp., Series 2018,3.69%, 06/01/2023 715,000 750,277

2,093,415

Health Care REITs–0.34% Omega Healthcare Investors, Inc.,

3.38%, 02/01/2031 615,000 634,930Sabra Health Care L.P., 5.13%,

08/15/2026 28,000 31,615 666,545

Health Care Services–0.95% CHRISTUS Health, Series C, 4.34%,

07/01/2028 430,000 498,921Cigna Corp., 4.50%, 02/25/2026 200,000 227,273CVS Health Corp.,

2.88%, 06/01/2026 179,000 192,1405.05%, 03/25/2048 302,000 400,402

Dignity Health, 5.27%, 11/01/2064 248,000 352,570Toledo Hospital (The), 6.02%,

11/15/2048 154,000 190,230 1,861,536

Home Improvement Retail–0.11% Lowe’s Cos., Inc., 3.13%, 09/15/2024 200,000 213,962

Hotel & Resort REITs–0.12% Host Hotels & Resorts L.P., Series H,

3.38%, 12/15/2029 125,000 130,229Service Properties Trust,

4.35%, 10/01/2024 61,000 61,9154.95%, 10/01/2029 50,000 49,571

241,715

Hotels, Resorts & Cruise Lines–0.32% Booking Holdings, Inc., 3.55%,

03/15/2028 399,000 445,682Expedia Group, Inc., 4.63%,

08/01/2027 122,000 138,060Marriott International, Inc., Series EE,

5.75%, 05/01/2025 39,000 44,825 628,567

Hypermarkets & Super Centers–0.17% Walmart, Inc., 3.70%, 06/26/2028 300,000 342,788

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Principal

Amount ValueIndependent Power Producers & Energy Traders–0.12%Enel Generacion Chile S.A. (Chile),

4.25%, 04/15/2024 $ 226,000 $ 242,251

Industrial Conglomerates–0.83% General Electric Co.,

6.75%, 03/15/2032 460,000 639,4355.88%, 01/14/2038 725,000 999,149

1,638,584

Industrial Machinery–0.71% Parker-Hannifin Corp., 3.25%,

03/01/2027 675,000 735,392Stanley Black & Decker, Inc., 4.25%,

11/15/2028 570,000 668,939 1,404,331

Insurance Brokers–0.32% Aon Corp., 8.21%, 01/01/2027 100,000 130,478Marsh & McLennan Cos., Inc.,

3.88%, 03/15/2024 456,000 492,193 622,671

Integrated Oil & Gas–1.28% BP Capital Markets PLC (United

Kingdom), 3.81%, 02/10/2024 321,000 346,165Chevron Corp., 2.90%, 03/03/2024 324,000 342,648Chevron USA, Inc., 5.25%,

11/15/2043 370,000 510,188Exxon Mobil Corp., 2.99%,

03/19/2025 450,000 481,623Shell International Finance B.V.

(Netherlands),3.25%, 05/11/2025 90,000 97,5414.55%, 08/12/2043 315,000 400,070

Suncor Energy, Inc. (Canada),3.60%, 12/01/2024 226,000 243,725

TotalEnergies Capital InternationalS.A. (France), 2.70%, 01/25/2023 82,000 84,823

2,506,783

Integrated Telecommunication Services–0.75% TCI Communications, Inc., 7.13%,

02/15/2028 1,100,000 1,467,572

Interactive Media & Services–1.11% Alphabet, Inc., 3.38%, 02/25/2024 274,000 294,408Baidu, Inc. (China),

3.50%, 11/28/2022 865,000 894,1734.38%, 05/14/2024 400,000 435,5504.38%, 03/29/2028 300,000 341,607

Weibo Corp. (China), 3.50%,07/05/2024 200,000 209,434

2,175,172

Internet & Direct Marketing Retail–0.53% Alibaba Group Holding Ltd. (China),

3.40%, 12/06/2027 330,000 359,6684.50%, 11/28/2034 570,000 672,986

1,032,654

Principal

Amount ValueInvestment Banking & Brokerage–2.19% Brookfield Finance, Inc. (Canada),

4.00%, 04/01/2024 $ 240,000 $ 259,0474.70%, 09/20/2047 101,000 125,328

Goldman Sachs Group, Inc. (The),4.00%, 03/03/2024 1,077,000 1,166,4613.50%, 11/16/2026 301,000 327,853

Jefferies Group LLC, 6.25%,01/15/2036 182,000 246,893

Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%,

01/15/2027 134,000 156,378Morgan Stanley,

3.74%, 04/24/2024(b) 726,000 764,4533.88%, 01/27/2026 415,000 462,982Series F, 3.88%, 04/29/2024 538,000 582,950

Nomura Holdings, Inc. (Japan),2.65%, 01/16/2025 200,000 209,614

4,301,959

IT Consulting & Other Services–0.36% International Business Machines

Corp., 7.13%, 12/01/2096 383,000 714,890

Leisure Products–0.31% Hasbro, Inc.,

6.35%, 03/15/2040 300,000 421,1345.10%, 05/15/2044 147,000 179,807

600,941

Life & Health Insurance–1.35% Brighthouse Financial, Inc.,

3.70%, 06/22/2027 257,000 282,1134.70%, 06/22/2047 236,000 267,972

MetLife, Inc.,3.60%, 04/10/2024 692,000 746,637Series D, 5.88%(b)(c) 100,000 117,069

Prudential Financial, Inc.,5.63%, 06/15/2043(b) 342,000 365,3555.20%, 03/15/2044(b) 225,000 241,7715.38%, 05/15/2045(b) 135,000 149,974

Reliance Standard Life GlobalFunding II, 2.75%, 01/21/2027(d) 441,000 469,238

Unum Group, 5.75%, 08/15/2042 13,000 16,438 2,656,567

Motorcycle Manufacturers–0.26% Harley-Davidson, Inc.,

3.50%, 07/28/2025 187,000 200,9414.63%, 07/28/2045 279,000 303,579

504,520

Multi-line Insurance–0.06% American International Group, Inc.,

Series A-9,5.75%, 04/01/2048(b) 20,000 23,1358.18%, 05/15/2058(b) 11,000 16,409

XLIT Ltd. (Bermuda), 4.45%,03/31/2025 75,000 83,990

123,534

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Principal

Amount ValueMulti-Utilities–0.56% Black Hills Corp.,

4.25%, 11/30/2023 $ 216,000 $ 230,9543.95%, 01/15/2026 277,000 303,754

PSEG Power LLC, 8.63%,04/15/2031 358,000 565,881

1,100,589

Oil & Gas Equipment & Services–0.50% Baker Hughes Holdings LLC,

5.13%, 09/15/2040 152,000 195,826Baker Hughes, a GE Co. LLC/Baker

Hughes Co-Obligor, Inc.,2.77%, 12/15/2022 162,000 166,8824.08%, 12/15/2047 181,000 208,049

Halliburton Co., 7.45%, 09/15/2039 113,000 165,101NOV, Inc., 3.60%, 12/01/2029 243,000 256,971 992,829

Oil & Gas Exploration & Production–0.86% Apache Corp., 5.10%, 09/01/2040 322,000 358,634Hess Corp., 5.60%, 02/15/2041 140,000 175,013Marathon Oil Corp.,

3.85%, 06/01/2025 470,000 516,1256.60%, 10/01/2037 250,000 332,151

Ovintiv Exploration, Inc., 5.63%,07/01/2024 275,000 306,620

1,688,543

Oil & Gas Storage & Transportation–1.26% Boardwalk Pipelines L.P., 4.45%,

07/15/2027 56,000 63,304Cheniere Corpus Christi Holdings

LLC, 7.00%, 06/30/2024 370,000 419,835Columbia Pipeline Group, Inc.,

5.80%, 06/01/2045 143,000 200,625Enable Midstream Partners L.P.,

3.90%, 05/15/2024 250,000 265,8924.95%, 05/15/2028 51,000 58,070

Energy Transfer L.P.,5.30%, 04/15/2047 389,000 460,9595.40%, 10/01/2047 167,000 203,082

Enterprise Products Operating LLC,3.75%, 02/15/2025 165,000 179,370

Kinder Morgan Energy PartnersL.P., 6.95%, 01/15/2038 131,000 187,754

Spectra Energy Partners L.P.,3.50%, 03/15/2025 175,000 188,497

Western Midstream Operating L.P.,4.65%, 07/01/2026 56,000 60,438

Williams Cos., Inc. (The), 6.30%,04/15/2040 136,000 186,785

2,474,611

Other Diversified Financial Services–0.47% Avolon Holdings Funding Ltd.

(Ireland), 3.25%, 02/15/2027(d) 265,000 274,974Blackstone Holdings Finance Co.

LLC, 3.15%, 10/02/2027(d) 125,000 136,138Equitable Holdings, Inc., 5.00%,

04/20/2048 44,000 57,254

Principal

Amount ValueOther Diversified Financial Services–(continued) ORIX Corp. (Japan),

4.05%, 01/16/2024 $ 322,000 $ 347,5483.70%, 07/18/2027 72,000 80,797

Voya Financial, Inc., 5.65%,05/15/2053(b) 20,000 21,181

917,892

Paper Packaging–0.18% International Paper Co., 4.80%,

06/15/2044 280,000 361,480

Paper Products–0.14% Fibria Overseas Finance Ltd. (Brazil),

5.50%, 01/17/2027 27,000 31,233Suzano Austria GmbH (Brazil),

6.00%, 01/15/2029 200,000 239,009 270,242

Pharmaceuticals–0.54% Perrigo Finance Unlimited Co.,

3.90%, 12/15/2024 800,000 855,1694.90%, 12/15/2044 200,000 215,594

1,070,763

Property & Casualty Insurance–0.36% Allied World Assurance Co. Holdings

Ltd., 4.35%, 10/29/2025 76,000 82,869Assured Guaranty US Holdings, Inc.,

5.00%, 07/01/2024 266,000 297,080CNA Financial Corp., 3.95%,

05/15/2024 297,000 320,536 700,485

Regional Banks–0.60% Fifth Third Bancorp, 2.38%,

01/28/2025 235,000 245,943Huntington Bancshares, Inc., 2.63%,

08/06/2024 230,000 242,161KeyBank N.A., 3.40%, 05/20/2026 230,000 252,327PNC Financial Services Group, Inc.

(The), 3.90%, 04/29/2024 270,000 292,448Truist Bank,

4.05%, 11/03/2025 10,000 11,2273.30%, 05/15/2026 115,000 126,529

1,170,635

Reinsurance–0.04% RenaissanceRe Finance, Inc.

(Bermuda), 3.70%, 04/01/2025 34,000 36,928Sompo International Holdings Ltd.

(Bermuda), 4.70%, 10/15/2022 34,000 35,428 72,356

Residential REITs–0.33% American Campus Communities Operating Partnership L.P., 3.88%,

01/30/2031 100,000 112,296AvalonBay Communities, Inc., 4.20%,

12/15/2023 325,000 349,279Spirit Realty L.P., 3.20%, 02/15/2031 175,000 185,966 647,541

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Principal

Amount ValueRestaurants–0.25% Starbucks Corp., 3.85%, 10/01/2023 $ 467,000 $ 496,481

Retail REITs–0.41% Federal Realty Investment Trust,

4.50%, 12/01/2044 61,000 74,872Kite Realty Group L.P., 4.00%,

10/01/2026 326,000 353,300Simon Property Group L.P., 6.75%,

02/01/2040 244,000 368,886 797,058

Semiconductors–1.03% Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 173,000 191,050Broadcom, Inc., 4.11%, 09/15/2028 265,000 297,283Intel Corp., 2.88%, 05/11/2024 275,000 291,728Microchip Technology, Inc., 4.33%,

06/01/2023 200,000 212,089QUALCOMM, Inc., 2.90%,

05/20/2024 681,000 720,778Xilinx, Inc., 2.95%, 06/01/2024 300,000 316,382 2,029,310

Soft Drinks–0.28% Coca-Cola FEMSA S.A.B. de C.V.

(Mexico), 2.75%, 01/22/2030 526,000 551,477

Specialized Finance–0.28% National Rural Utilities Cooperative

Finance Corp.,3.40%, 11/15/2023 305,000 322,7748.00%, 03/01/2032 148,000 223,5885.25%, 04/20/2046(b) 12,000 13,059

559,421

Specialty Chemicals–0.20% Ecolab, Inc., 5.50%, 12/08/2041 90,000 127,694PPG Industries, Inc., 2.40%,

08/15/2024 261,000 273,568 401,262

Steel–0.16% ArcelorMittal S.A. (Luxembourg),

4.25%, 07/16/2029 240,000 269,1317.00%, 10/15/2039 27,000 38,848

307,979

Systems Software–1.28% Microsoft Corp.,

2.88%, 02/06/2024 295,000 311,4062.70%, 02/12/2025 647,000 690,4193.13%, 11/03/2025 425,000 463,4753.95%, 08/08/2056 406,000 519,365

Oracle Corp., 2.50%, 04/01/2025 500,000 524,665 2,509,330

Principal

Amount ValueTechnology Hardware, Storage & Peripherals–1.07%Apple, Inc.,

3.00%, 02/09/2024 $ 379,000 $ 400,9593.25%, 02/23/2026 355,000 388,9424.45%, 05/06/2044 476,000 620,691

Hewlett Packard Enterprise Co.,6.35%, 10/15/2045 220,000 304,750

HP, Inc., 6.00%, 09/15/2041 245,000 324,385Seagate HDD Cayman, 4.88%,

06/01/2027 50,000 56,014 2,095,741

Tobacco–2.17% Altria Group, Inc.,

4.80%, 02/14/2029 353,000 410,9442.45%, 02/04/2032 300,000 293,3864.50%, 05/02/2043 557,000 613,6613.88%, 09/16/2046 225,000 227,6335.95%, 02/14/2049 41,000 53,338

BAT Capital Corp. (United Kingdom),3.22%, 08/15/2024 200,000 212,2873.56%, 08/15/2027 407,000 440,7224.54%, 08/15/2047 87,000 93,4004.76%, 09/06/2049 35,000 38,558

Philip Morris International, Inc.,6.38%, 05/16/2038 280,000 399,8124.50%, 03/20/2042 418,000 499,069

Reynolds American, Inc. (UnitedKingdom),5.70%, 08/15/2035 256,000 313,3585.85%, 08/15/2045 545,000 675,180

4,271,348

Trading Companies & Distributors–0.35% Air Lease Corp., 3.00%, 02/01/2030 560,000 574,084Aircastle Ltd., 5.00%, 04/01/2023 100,000 106,592 680,676

Water Utilities–0.16% American Water Capital Corp.,

3.85%, 03/01/2024 174,000 187,1746.59%, 10/15/2037 84,000 126,139

313,313

Wireless Telecommunication Services–0.29% America Movil S.A.B. de C.V.

(Mexico), 6.38%, 03/01/2035 400,000 573,092Total U.S. Dollar Denominated Bonds & Notes

(Cost $93,226,509) 97,273,729


0.05%, 02/17/2022(e)(f) 360,000 359,924

U.S. Treasury Bonds–1.36% 2.38%, 11/15/2049 1,037,600 1,141,4012.00%, 02/15/2050 1,500,000 1,524,609

2,666,010

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Principal

Amount ValueU.S. Treasury Notes–26.45%

1.38%, 01/31/2022 $ 4,402,000 $ 4,425,9931.13%, 02/28/2022 9,553,000 9,603,9890.13%, 07/31/2022 2,535,000 2,536,1060.13%, 01/31/2023 1,750,000 1,750,0001.38%, 02/15/2023 563,000 573,2371.38%, 01/31/2025 8,521,000 8,774,7991.13%, 02/28/2025 3,577,000 3,652,9420.75%, 03/31/2026 3,900,000 3,905,4841.50%, 08/15/2026 5,980,000 6,191,5191.50%, 01/31/2027 8,215,500 8,505,2890.50%, 06/30/2027 2,100,000 2,051,848

51,971,206Total U.S. Treasury Securities (Cost

$54,499,332) 54,997,140


Collateralized Mortgage Obligations–0.35% Fannie Mae ACES, IO, 0.29%,

12/25/2022(g) 15,311,009 25,793Fannie Mae REMICs, IO,

3.50%, 08/25/2035(h) 315,662 38,9175.50%, 07/25/2046(h) 87,335 14,8784.00%, 08/25/2047(h) 69,873 7,8155.00% (5.90% - (1.00 x 1 mo.USD LIBOR)), 09/25/2047(h)(i) 836,580 149,032

Freddie Mac Multifamily StructuredPass-Through Ctfs.,Series KC03, Class X1, IO,0.63%, 11/25/2024(g) 4,159,473 55,214Series K734, Class X1, IO,0.78%, 02/25/2026(g) 3,051,002 75,186Series K735, Class X1, IO,1.10%, 05/25/2026(g) 3,066,807 124,048Series K093, Class X1, IO,1.09%, 05/25/2029(g) 2,549,636 166,843

Freddie Mac REMICs, IO, 6.00%(6.10% - (1.00 x 1 mo. USDLIBOR)), 01/15/2044(h)(i) 182,818 25,735

Freddie Mac STRIPS, IO, 3.00%,12/15/2027(h) 91,569 4,616

688,077

Federal Home Loan Mortgage Corp. (FHLMC)–4.30%4.50%, 09/01/2049 to 01/01/2050 469,796 508,3203.00%, 01/01/2050 to 10/01/2050 4,171,840 4,451,5992.50%, 07/01/2050 to 08/01/2050 3,322,633 3,490,979

8,450,898

Federal National Mortgage Association (FNMA)–5.77%4.50%, 06/01/2049 202,070 218,0283.00%, 10/01/2049 to 08/01/2050 6,846,441 7,185,3022.50%, 03/01/2050 to 08/01/2050 1,125,274 1,180,9022.00%, 03/01/2051 to 08/01/2051 2,699,855 2,749,997

11,334,229

Principal

Amount ValueGovernment National Mortgage Association (GNMA)–0.04%

IO, 6.10% (6.20% - (1.00 x 1mo. USD LIBOR)),10/16/2047(h)(i) $ 406,940 $ 75,461

Uniform Mortgage-Backed Securities–15.80% TBA,

1.50%, 09/01/2036(j) 1,064,000 1,081,1092.00%, 09/01/2036 to09/01/2051(j) 12,782,000 13,079,9102.50%, 09/01/2036 to09/01/2051(j) 16,239,000 16,872,334

31,033,353Total U.S. Government Sponsored Agency

Mortgage-Backed Securities(Cost $51,574,190)

51,582,018

Non-U.S. Dollar Denominated Bonds & Notes–9.82%(k)Sovereign Debt–9.82% Australia Government Bond

(Australia),Series 142, 4.25%,04/21/2026(d) AUD 1,785,000 1,529,051Series 155, 2.50%,05/21/2030(d) AUD 1,086,000 893,246

Bundesobligation (Germany),Series 183, 0.00%,04/10/2026(d) EUR 1,178,000 1,437,733

Bundesrepublik DeutschlandBundesanleihe (Germany),0.00%, 02/15/2031(d)

EUR 437,000 537,255

Canadian Government Bond(Canada),0.50%, 09/01/2025 CAD 4,144,000 3,251,2100.50%, 12/01/2030 CAD 2,091,000 1,553,901

Norway Government Bond(Norway),Series 477, 1.75%,03/13/2025(d) NOK 29,052,000 3,431,573Series 482, 1.38%,08/19/2030(d) NOK 13,204,000 1,534,515

Sweden Government Bond(Sweden),Series 1058, 2.50%,05/12/2025 SEK 12,275,000 1,566,769Series 1061, 0.75%,11/12/2029(d) SEK 6,480,000 791,444

Swiss Confederation GovernmentBond (Switzerland),1.25%, 06/11/2024(d) CHF 1,533,000 1,768,1540.50%, 05/27/2030(d) CHF 844,000 995,583

Total Non-U.S. Dollar Denominated Bonds &Notes(Cost $18,875,446)

19,290,434

Asset-Backed Securities–0.24% Banc of America Mortgage Trust,

Series 2007-1, Class 1A24,6.00%, 03/25/2037 15,809 15,877

Bank, Series 2019-BNK16,Class XA, IO, 1.12%,02/15/2052(g) 2,365,255 136,733

Citigroup Commercial MortgageTrust, Series 2017-C4,Class XA, IO, 1.23%,10/12/2050(g) 6,128,476 286,608

WaMu Mortgage Pass-ThroughCtfs. Trust, Series 2005-AR14,Class 1A4, 2.89%,12/25/2035(l) 25,907 26,309

Total Asset-Backed Securities (Cost $510,196) 465,527

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ACES – Automatically Convertible Extendable SecurityAUD – Australian DollarCAD – Canadian DollarCHF – Swiss FrancCtfs. – CertificatesEUR – EuroIO – Interest OnlyLIBOR – London Interbank Offered RateNOK – Norwegian KroneREIT – Real Estate Investment TrustREMICs – Real Estate Mortgage Investment ConduitsSEK – Swedish KronaSTRIPS – Separately Traded Registered Interest and Principal SecurityTBA – To Be AnnouncedUSD – U.S. Dollar



(b) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(c) Perpetual bond with no specified maturity date.(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).

The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Theaggregate value of these securities at August 31, 2021 was $15,723,176, which represented 8.00% of the Fund’s Net Assets.

(e) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.(f) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(g) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest

rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees.The rate shown is the rate in effect on August 31, 2021.

(h) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.(i) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(j) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L.(k) Foreign denominated security. Principal amount is denominated in the currency indicated.(l) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any

applicable fees. The rate shown is the rate in effect on August 31, 2021.(m) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


Value

February 28, 2021 Purchases at

Cost Proceeds

from Sales

Change inUnrealized


Gain Value

August 31, 2021 Dividend IncomeInvestments in Affiliated Money Market

Funds: Invesco Government & Agency Portfolio,

Institutional Class $ 554,525 $ 9,631,919 $ (9,130,744) $- $- $1,055,700 $ 79Invesco Liquid Assets Portfolio, Institutional

Class 396,028 6,879,942 (6,520,295) - - 755,675 25Invesco Treasury Portfolio, Institutional Class 633,743 11,007,908 (10,435,137) - - 1,206,514 33Total $1,584,296 $27,519,769 $(26,086,176) $- $- $3,017,889 $137

(n) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.


Shares ValueMoney Market Funds–1.54% Invesco Government & Agency

Portfolio, Institutional Class, 0.03%(m)(n) 1,055,700 $ 1,055,700

Invesco Liquid Assets Portfolio,Institutional Class, 0.01%(m)(n) 755,373 755,675

Invesco Treasury Portfolio,Institutional Class, 0.01%(m)(n) 1,206,514 1,206,514

Total Money Market Funds (Cost $3,017,889) 3,017,889

TOTAL INVESTMENTS IN SECURITIES-115.36%(Cost $221,703,562)

226,626,737


NET ASSETS-100.00% $196,450,374

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Page 1 of 1Open Futures Contracts


ExpirationMonth

NotionalValue Value


(Depreciation)Interest Rate Risk U.S. Treasury 2 Year Notes 4 December-2021 $ 881,313 $ 563 $ 563U.S. Treasury 10 Year Ultra Notes 15 December-2021 2,220,234 7,383 7,383 U.S. Treasury Long Bonds 8 December-2021 1,303,750 3,625 3,625 U.S. Treasury Ultra Bonds 53 December-2021 10,455,906 33,437 33,437

Subtotal–Long Futures Contracts 45,008 45,008

Short Futures Contracts Interest Rate Risk U.S. Treasury 5 Year Notes 173 December-2021 (21,403,344) (47,984) (47,984)

Total Futures Contracts $ (2,976) $ (2,976)

Open Forward Foreign Currency Contracts

Settlement Contract to Unrealized

AppreciationDate Counterparty Deliver Receive (Depreciation)Currency Risk 11/10/2021 Goldman Sachs International CHF 247,433 USD 274,027 $ 3,36911/10/2021 Goldman Sachs International SEK 1,985,819 USD 231,043 81011/17/2021 Goldman Sachs International CAD 2,787,000 USD 2,216,844 8,09811/10/2021 Morgan Stanley and Co. International PLC CAD 3,266,810 USD 2,605,945 16,91311/17/2021 Morgan Stanley and Co. International PLC AUD 3,273,000 USD 2,401,540 6,261

Subtotal–Appreciation 35,451

Currency Risk 11/10/2021 Bank of America, N.A. NOK 1,768,361 USD 200,065 (3,290)11/17/2021 Citibank, N.A. EUR 1,667,000 USD 1,957,475 (13,744)11/17/2021 Deutsche Bank AG SEK 18,434,000 USD 2,119,011 (18,308)11/17/2021 Goldman Sachs International NOK 41,594,000 USD 4,650,935 (131,947)11/17/2021 Morgan Stanley and Co. International PLC CHF 2,298,000 USD 2,504,578 (9,563)

Subtotal–Depreciation (176,852)Total Forward Foreign Currency Contracts $(141,401)

Abbreviations:

AUD – Australian DollarCAD – Canadian DollarCHF – Swiss FrancEUR – EuroNOK– Norwegian KroneSEK – Swedish KronaUSD – U.S. Dollar

Portfolio CompositionBy security type, based on Total Investmentsas of August 31, 2021 U.S. Dollar Denominated Bonds & Notes 42.92% U.S. Treasury Securities 24.27 U.S. Government Sponsored Agency Mortgage-Backed

Securities 22.76 Non-U.S. Dollar Denominated Bonds & Notes 8.51 Security types each less than 1% portfolio 0.21 Money Market Funds 1.33


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Statement of Assets and LiabilitiesAugust 31, 2021

(Unaudited)



(Cost $218,685,673) $223,608,848

Investments in affiliated money market funds, atvalue (Cost $3,017,889) 3,017,889

Other investments:Unrealized appreciation on forward foreign

currency contracts outstanding 35,451

Cash 500,000

Foreign currencies, at value (Cost $20,431) 20,905


Dividends 40

Interest 1,228,603


Other assets 62,579



Variation margin payable - futures contracts 60,740



Dividends 19,657










$196,450,374


Class C $ 17,281,546

Class R $ 20,270,203

Class Y $ 17,673,565

Class R5 $ 10,339

Class R6 $ 13,679,579


Class A 11,556,738

Class C 1,565,974

Class R 1,835,555

Class Y 1,602,861

Class R5 937

Class R6 1,240,188








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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Interest (net of foreign withholding taxes of $1,455) $1,670,950

Dividends from affiliated money market funds 137






Class C 90,519

Class R 48,379








Other 8,143





Realized and unrealized gain (loss) from: Net realized gain from:





1,498,211

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities 1,382,309 Foreign currencies (3,257) Forward foreign currency contracts (342,630) Futures contracts (182,409)

854,013




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Statement of Changes in Net AssetsFor the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited) August 31, February 28, 2021 2021



Change in net unrealized appreciation (depreciation) 854,013 (5,435,020)



Class C (75,698) (1,035,568)

Class R (129,203) (980,705)

Class Y (162,151) (1,024,796)

Class R5 (94) (596)

Class R6 (108,725) (431,934)


Share transactions–net: Class A (6,579,264) 14,644,016

Class C (1,898,082) (3,458,732)

Class R 218,097 132,575

Class Y (244,990) (697,837)

Class R6 5,110,655 2,840,209




End of period $196,450,374 $197,895,353


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(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains



Total frominvestm

entoperations

Dividends

from net

investment

income

Distributionsfrom

netrealizedgains

Total

distributions

Net asset

value, endof period

Total

return(b)

Net assets,


itted)

Ratio of


with

fee waivers

and/orexpensesabsorbed

Ratio of


ithoutfee w

aiversand/or

expensesabsorbed

(c)

Ratio of net

investment

income


Portfolio

turnover (d)C

lass A

Six m


$10.93

$0.06

$0.14

$0.20

$

(0.09)

$–

$(0.09)

$11.04

1.81%(e)

$127,535

0.52%(e)(f)

0.73%

(e)(f) 1.17%

(e)(f)

98%

Year ended 02/28/21

11.27

0.16

0.10

0.26

(0.21)

(0.39)

(0.60)

10.93

2.30 (e)

132,856

0.52 (e)

0.96 (e)

1.42 (e)

292

Seven months ended 02/29/20

10.88

0.18

0.40

0.58

(0.19)

–

(0.19)

11.27

5.39

122,371

1.05 (f)

1.05 (f)

2.80 (f)

64

Year ended 07/31/19

10.43

0.32

0.45

0.77

(0.32)

–

(0.32)

10.88

7.52

119,300

0.97

0.97

3.07

108

Year ended 07/31/18

10.92

0.31

(0.49)

(0.18)

(0.31)

–

(0.31)

10.43

(1.67)

119,119

0.97

0.97

2.89

57

Year ended 07/31/17

11.03

0.29

(0.10)

0.19

(0.30)

–

(0.30)

10.92

1.82

129,985

1.00

1.00

2.68


10.66

0.30

0.37

0.67

(0.30)

–

(0.30)

11.03

6.45

139,018

1.02

1.02

2.83

73

Class C


10.93

0.02

0.14

0.16

(0.05)

–

(0.05)

11.04

1.43

17,282

1.27 (f)

1.49 (f)

0.42 (f)

98

Year ended 02/28/21

11.26

0.08

0.10

0.18

(0.12)

(0.39)

(0.51)

10.93

1.56

19,013

1.27

1.72

0.67

292


10.87

0.12

0.40

0.52

(0.13)

–

(0.13)

11.26

4.80

23,114

1.81 (f)

1.81 (f)

1.90 (f)

64

Year ended 07/31/19

10.43

0.23

0.44

0.67

(0.23)

–

(0.23)

10.87

6.52

23,487

1.72

1.72

2.17

108

Year ended 07/31/18

10.91

0.23

(0.48)

(0.25)

(0.23)

–

(0.23)

10.43

(2.32)

31,250

1.72

1.72

2.14

57

Year ended 07/31/17

11.03

0.21

(0.11)

0.10

(0.22)

–

(0.22)

10.91

0.97

33,420

1.75

1.75

1.92

80

Year ended 07/31/16

10.65

0.22

0.38

0.60

(0.22)

–

(0.22)

11.03

5.76

38,261

1.77

1.77

2.07

73C

lass R

Six m


10.93

0.05

0.13

0.18

(0.07)

–

(0.07)

11.04

1.69

20,270

0.77 (f)

0.99 (f)

0.92 (f)


11.27

0.13

0.10

0.23

(0.18)

(0.39)

(0.57)

10.93

2.02

19,876

0.77

1.22

1.17

292Seven m


10.88

0.15

0.40

0.55

(0.16)

–

(0.16)

11.27

5.09

20,366

1.31 (f)

1.31 (f)

2.40 (f)


10.44

0.28

0.44

0.72

(0.28)

–

(0.28)

10.88

7.06

20,511

1.22

1.22

2.67


10.93

0.28

(0.49)

(0.21)

(0.28)

–

(0.28)

10.44 (1.91)

19,416

1.21

1.21

2.65


11.04

0.26

(0.09)

0.17

(0.28)

–

(0.28)

10.93

1.58

15,318

1.25

1.25

2.45

80

Year ended 07/31/16

10.66

0.27

0.39

0.66

(0.28)

–

(0.28)

11.04

6.29

11,736

1.27

1.27

2.55

73C

lass Y

Six m


10.92

0.08

0.13

0.21

(0.10)

–

(0.10)

11.03

1.94

17,674

0.27 (f)

0.49 (f)

1.42 (f)


11.26

0.19

0.10

0.29

(0.24)

(0.39)

(0.63)

10.92

2.58

17,750

0.27

0.72

1.67

292Seven m


10.88

0.20

0.40

0.60

(0.22)

–

(0.22)

11.26

5.55

19,032

0.81 (f)

0.81 (f)

3.09 (f)


10.43

0.35

0.45

0.80

(0.35)

–

(0.35)

10.88

7.81

20,940

0.73

0.73

3.37


10.91

0.33

(0.47)

(0.14)

(0.34)

–

(0.34)

10.43 (1.35)

27,430

0.72

0.72

3.14


11.03

0.32

(0.11)

0.21

(0.33)

–

(0.33)

10.91

1.98

17,748

0.75

0.75

2.95


10.65

0.32

0.39

0.71

(0.33)

–

(0.33)

11.03

6.82

11,013

0.77

0.77

3.04

73

Class R

5

Six m


10.92

0.08

0.13

0.21

(0.10)

–

(0.10)

11.03

1.94

10

0.27 (f)

0.42 (f)

1.42 (f)


11.27

0.19

0.09

0.28

(0.24)

(0.39)

(0.63)

10.92

2.49

10

0.27

0.47

1.67

292Seven m


10.87

0.20

0.40

0.60

(0.20)

–

(0.20)

11.27

5.59

11

0.60 (f)

0.60 (f)

3.09 (f)

64Period ended 07/31/19 (g)

10.67

0.07

0.19

0.26

(0.06)

–

(0.06)

10.87

2.44

10

0.62 (f)

0.62 (f)

3.39 (f)

108C

lass R6


10.92

0.08

0.13

0.21

(0.10)

–

(0.10)

11.03

1.94

13,680

0.27 (f)

0.42 (f)

1.42 (f)

98

Year ended 02/28/21

11.27

0.19

0.09

0.28

(0.24)

(0.39)

(0.63)

10.92

2.49

8,392

0.27

0.47

1.67

292


10.88

0.20

0.40

0.60

(0.21)

–

(0.21)

11.27

5.60

5,795

0.58 (f)

0.58 (f)

3.14 (f)

64

Year ended 07/31/19

10.44

0.36

0.43

0.79

(0.35)

–

(0.35)

10.88

7.80

5,662

0.56

0.56

3.41

108

Year ended 07/31/18

10.92

0.35

(0.48)

(0.13)

(0.35)

–

(0.35)

10.44

(1.18)

7,783

0.56

0.56

3.30

57

Year ended 07/31/17

11.03

0.35

(0.11)

0.24

(0.35)

–

(0.35)

10.92

2.27

2,189

0.56

0.56

3.23

80

Year ended 07/31/16

10.65

0.35

0.38

0.73

(0.35)

–

(0.35)

11.03

7.03

80

0.57

0.57

3.28

73 (a)


(b)Includes adjustm



ay differfrom

the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

(c)D

oes not include indirect expenses from affiliated fund fees and expenses of 0.02%

, 0.02%, 0.02%

, 0.02%, 0.01%

and 0.01% for the seven m

onths ended February 29, 2020 and the years ended July 31, 2019, 2018, 2017 and 2016,respectively.

(d)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the seven m

onths ended February 29, 2020, the portfolio turnover calculation excludes purchase and sale transactions of ToBe Announced (TBA) m

ortgage-related securities of $11,531,839 and 13,476,801, respectively. For the year ended July 31, 2019, the portfolio turnover calculation excludes purchase and sale transactions of TBA mortgage-related securities of

$129,169,490 and $127,412,648, respectively.





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(e)The total return, ratio of expenses to average net assets and ratio of net investm

ent income to average net assets reflect actual 12b-1 fees of 0.24%

for the six months ended August 31, 2021 and the year ended February 28, 2021, respectively.

(f)Annualized.

(g)C

omm





ents. 17

Invesco Interm

ediate Bond Factor Fund

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Invesco Intermediate Bond Factor Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco InvestmentSecurities Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number ofshares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund oreach class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y














B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) isrecorded on an accrual basis from





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Page 2 of 2 18 Invesco Intermediate Bond Factor Fund

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Page 1 of 1settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fairvalue of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments tointerest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.






E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders.Therefore, no provision for federal income taxes is recorded in the financial statements.






I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks andmajor currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) andincome items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates oninvestments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreignexchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the netrealized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains orlosses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates onsecurities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded onthe Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains andlosses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resultingfrom changes in exchange rates.


J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for promptdelivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.



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Page 1 of 2A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for

an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of theunderlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value ofthese contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealizedappreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realizedand unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forwardforeign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currencychanging unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market pricemovements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell aspecified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixedprice at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date andunderlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation ofspecific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open,changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a dailybasis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses areincurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts areclosed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closingtransaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futurescontracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts aremarket risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into anoffsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts andcontinue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risksince the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks mayexceed amounts recognized in the Statement of Assets and Liabilities.

L. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’sperformance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forwardcommitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with asimultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Thesetransactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar rollcommitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, theFund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk thatthe value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated topurchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of aFund’s fundamental investment limitation on borrowings.

M. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interestrate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out theuse of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selectionof widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remainsuncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fundor the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics ofany alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments usingan alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption ofalternative reference rates could result in losses to the Fund.

N. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument orenters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

O. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is theFund’s practice to replace such collateral no later than the next business day.

P. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreigncentral banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalentforeign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments,particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially leadto heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and shareprice may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which couldpotentially increase portfolio turnover and the Fund’s transaction costs.

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.




Average Daily Net Assets* RateUp to First $2 billion 0.250%Over $2 billion 0.230%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement withthe Adviser.

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.25% .Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH,


The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.52%, 1.27%, 0.77%, 0.27%, 0.27% and 0.27%,respectively, of the Fund’s average daily net assets (the “expense





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Page 2 of 2 20 Invesco Intermediate Bond Factor Fund

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Page 1 of 1limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken intoaccount, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflectedabove: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and(5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues thefee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended toincrease the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualizedexpense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursementsprior to the end of each fiscal year.


For the six months ended August 31, 2021, the Adviser waived advisory fees of $129,326 and reimbursed class level expenses of$50,889, $6,814, $7,386, $6,991, $1 and $890 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan,reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily netassets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of theaverage daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily andpaid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuingpersonal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee underthe Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap onthe total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six monthsended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $8,113 in front-end sales commissions from the sale of Class A shares and $1,290 and $1,135 from Class A andClass C shares, respectively, for CDSC imposed upon redemptions by shareholders.




Level 1 - Prices are determined using quoted prices in an active market for identical assets.Level 2 -


Level 3 -



Level 1 Level 2 Level 3 TotalInvestments in Securities U.S. Dollar Denominated Bonds & Notes $ – $ 97,273,729 $– $ 97,273,729U.S. Treasury Securities – 54,997,140 – 54,997,140U.S. Government Sponsored Agency Mortgage-Backed Securities – 51,582,018 – 51,582,018Non-U.S. Dollar Denominated Bonds & Notes – 19,290,434 – 19,290,434Asset-Backed Securities – 465,527 – 465,527Money Market Funds 3,017,889 – – 3,017,889Total Investments in Securities 3,017,889 223,608,848 – 226,626,737Other Investments - Assets* Futures Contracts 45,008 – – 45,008Forward Foreign Currency Contracts – 35,451 – 35,451 45,008 35,451 – 80,459 21 Invesco Intermediate Bond Factor Fund

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Page 1 of 1 Level 1 Level 2 Level 3 Total Other Investments - Liabilities*

Futures Contracts $ (47,984) $ – $– $ (47,984)


(47,984) (176,852) – (224,836)

Total Other Investments (2,976) (141,401) – (144,377)

Total Investments $3,014,913 $223,467,447 $– $226,482,360

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which afund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral postingarrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk throughnetting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing lawof the ISDA Master Agreement, among other factors.




Value Currency Interest Derivative Assets Risk Rate Risk Total

Unrealized appreciation on futures contracts – Exchange-Traded(a) $ - $ 45,008 $ 45,008

Unrealized appreciation on forward foreign currency contracts outstanding 35,451 - 35,451


Derivatives not subject to master netting agreements - (45,008) (45,008)

Total Derivative Assets subject to master netting agreements $ 35,451 $ - $ 35,451

Value Currency Interest Derivative Liabilities Risk Rate Risk Total

Unrealized depreciation on futures contracts – Exchange-Traded(a) $ - $ (47,984) $ (47,984)

Unrealized depreciation on forward foreign currency contracts outstanding (176,852) - (176,852)



Total Derivative Liabilities subject to master netting agreements $(176,852) $ - $(176,852)




FinancialDerivative

Assets Financial Derivative

Liabilities Collateral

(Received)/Pledged

Counterparty Forward Foreign

Currency Contracts Forward Foreign

Currency Contracts Net Value ofDerivatives Non-Cash Cash

NetAmount

Bank of America, N.A. $ – $ (3,290) $ (3,290) $– $– $ (3,290)

Citibank, N.A. – (13,744) (13,744) – – (13,744)

Deutsche Bank AG – (18,308) (18,308) – – (18,308)

Goldman Sachs International 12,277 (131,947) (119,670) – – (119,670)

Morgan Stanley and Co.International PLC 23,174 (9,563) 13,611 – – 13,611

Total $35,451 $(176,852) $ (141,401) $– $– $(141,401)


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Page 1 of 1Effect of Derivative Investments for the six months ended August 31, 2021



Currency

Risk Interest

Rate Risk Total

Realized Gain: Forward foreign currency contracts $ 692,273 $ - $ 692,273

Futures contracts - 751,734 751,734

Change in Net Unrealized Appreciation (Depreciation): Forward foreign currency contracts (342,630) - (342,630)

Futures contracts - (182,409) (182,409)

Total $ 349,643 $ 569,325 $ 918,968


Forward Foreign Currency Futures Contracts ContractsAverage notional value $ 23,514,474 $41,599,294










The Fund did not have a capital loss carryforward as of February 28, 2021.







Cost of investments for tax purposes is $223,142,089. 23 Invesco Intermediate Bond Factor Fund

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Page 1 of 1NOTE 10–Share Information Summary of Share Activity


Sold: Class A 983,582 $ 10,742,618 3,508,888 $ 39,534,028

Class C 186,004 2,025,325 626,399 7,093,784

Class R 353,800 3,885,989 616,374 6,947,974

Class Y 420,947 4,589,346 1,012,270 11,367,384

Class R6 649,244 7,044,205 601,313 6,748,921

Issued as reinvestment of dividends: Class A 86,130 941,327 578,748 6,484,001

Class C 6,481 70,839 86,432 966,642

Class R 11,667 127,586 87,372 978,807

Class Y 12,025 131,330 82,988 929,251

Class R6 9,841 107,624 38,370 429,973

Automatic conversion of Class C shares to Class A shares: Class A 74,988 817,510 426,650 4,774,247

Class C (74,988) (817,510) (426,677) (4,774,247)


Class C (291,703) (3,176,736) (598,609) (6,744,911)

Class R (347,883) (3,795,478) (692,456) (7,794,206)

Class Y (456,003) (4,965,666) (1,159,492) (12,994,472)

Class R6 (187,303) (2,041,174) (385,631) (4,338,685)

Net increase (decrease) in share activity (311,698) $ (3,393,584) 1,188,183 $ 13,460,231

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstandingshares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments tothese entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but notlimited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as towhether all or any portion of the shares owned of record by these entities are also owned beneficially.


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Actual expenses



The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actualexpense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid forthe period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5%hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs,such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, thehypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning differentfunds. In addition, if these transaction costs were included, your costs would have been higher.

ACTUAL HYPOTHETICAL

(5% annual return before expenses)


(03/01/21)


(08/31/21)1


Period2


(08/31/21)


Period2

Annualized Expense

RatioClass A $1,000.00 $1,018.10 $2.65 $1,022.58 $2.65 0.52%Class C 1,000.00 1,014.30 6.45 1,018.80 6.46 1.27 Class R 1,000.00 1,016.00 3.91 1,021.32 3.92 0.77 Class Y 1,000.00 1,019.40 1.37 1,023.84 1.38 0.27

Class R5 1,000.00 1,018.50 1.37 1,023.84 1.38 0.27 Class R6 1,000.00 1,019.40 1.37 1,023.84 1.38 0.27




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Approval of Investment Advisory and Sub-Advisory Contracts At meetings held on June 10, 2021, theBoard of Trustees (the Board or theTrustees) of AIM Investment SecuritiesFunds (Invesco Investment SecuritiesFunds) as a whole, and the independentTrustees, who comprise over 75% of theBoard, voting separately, approved thecontinuance of the Invesco IntermediateBond Factor Fund’s (the Fund) MasterInvestment Advisory Agreement withInvesco Advisers, Inc. (Invesco Advisersand the investment advisory agreement)and the Master Intergroup Sub-AdvisoryContract for Mutual Funds with InvescoAsset Management Deutschland GmbH,Invesco Asset Management Limited,Invesco Asset Management (Japan)Limited, Invesco Hong Kong Limited,Invesco Senior Secured Management, Inc.and Invesco Canada Ltd. and separatesub-advisory contracts with InvescoCapital Management LLC, Invesco AssetManagement (India) Private Limited andOppenheimerFunds, Inc. (collectively, theAffiliated Sub-Advisers and thesub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others,the Board approved the renewal of theFund’s investment advisory agreement andthe sub-advisory contracts and determinedthat the compensation payable thereunderby the Fund to Invesco Advisers and by









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Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meetregularly with portfolio managers for theirassigned Invesco Funds and othermembers of management to reviewdetailed information about investmentperformance and portfolio attributes ofthese funds. The Board has establishedadditional standing and ad hoc committeesthat meet regularly throughout the year toreview matters within their purview. TheBoard took into account evaluations andreports that it received from its committeesand sub-committees, as well as theinformation provided to the Board and itscommittees and sub-committeesthroughout the year, in consideringwhether to approve each Invesco Fund’sinvestment advisory agreement andsub-advisory contracts.




The Board reviewed the nature, extent andquality of the advisory services provided tothe Fund by Invesco Advisers under theFund’s investment advisory agreement, andthe credentials and experience of theofficers and employees of Invesco Adviserswho provide these services, including theFund’s portfolio manager(s). The Board’sreview included consideration of InvescoAdvisers’ investment process and oversight,credit analysis, and research capabilities.The Board considered information regardingInvesco Advisers’ programs for andresources devoted to risk management,including management of investment,enterprise, operational, liquidity, valuationand compliance risks, and technology usedto manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator ofthe Invesco Funds’ liquidity riskmanagement program. The Board receiveda description of Invesco Advisers’ businesscontinuity plans and of its approach to dataprivacy and cybersecurity, including relatedtesting. The Board considered how thecybersecurity and business continuity plansof Invesco Advisers and its key serviceproviders operated in the increased remoteworking environment resulting from thenovel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisoryservices that Invesco Advisers and itsaffiliates provide to the Invesco Funds, suchas various back office support functions,third party oversight, internal audit,valuation, portfolio trading and legal andcompliance. The Board observed thatInvesco Advisers has been able toeffectively manage, operate and oversee theInvesco Funds through the challengingCOVID-19 pandemic period. The Boardreviewed and considered the benefits toshareholders of investing in a Fund that is

resources and talents of the AffiliatedSub-Advisers in managing the Fund. TheBoard concluded that the nature, extentand quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement. The Boarddid not view Fund investment performanceas a relevant factor in considering whetherto approve the sub-advisory contracts forthe Fund, as no Affiliated Sub-Advisercurrently manages assets of the Fund.

The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theBloomberg Barclays U.S. Aggregate BondIndex (Index). The Board noted thatperformance of Class A shares of the Fundwas in the fourth quintile of its performanceuniverse for the one year period, the fifthquintile for the three year period and thesecond quintile for the five year period (thefirst quintile being the best performingfunds and the fifth quintile being the worstperforming funds). The Board noted thatperformance of Class A shares of the Fundwas reasonably comparable to theperformance of the Index for the one yearperiod, below the performance of the Indexfor the three year period and above theperformance of the Index for the five yearperiod. The Board considered that theFund was created in connection withInvesco Ltd.’s acquisition ofOppenheimerFunds, Inc. and itssubsidiaries (the “Transaction”) and thatthe Fund’s performance prior to the closingof the Transaction on May 24, 2019 is thatof its predecessor fund. The Board notedthat the Fund’s exposure to bonds withcertain factor characteristics detractedfrom performance. The Board recognizedthat the performance data reflects asnapshot in time as of a particular date andthat selecting a different performanceperiod could

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produce different results. The Board furtherconsidered that the Fund had changed itsname, investment strategy and portfoliomanagement team on February 28, 2020in connection with its repositioning as afactor-based fund, and that performanceresults prior to such date reflected that ofthe Fund’s former strategy. As a result, theBoard did not consider performance of theFund prior to such date to be particularlyrelevant. The Board also reviewed morerecent Fund performance as well as othermetrics, which did not change itsconclusions.C. Advisory and Sub-Advisory Fees and Fund

ExpensesThe Board compared the Fund’scontractual management fee rate to thecontractual management fee rates of fundsin the Fund’s Broadridge expense group.The Board noted that the contractualmanagement fee rate for Class A shares ofthe Fund was below the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe Fund’s contractual management feeschedule was reduced at certainbreakpoint levels effective in 2020 inconnection with its repositioning as afactor-based fund. The Board noted thatthe term “contractual management fee” forfunds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.


The Board noted that Invesco Advisersand the Affiliated Sub-Advisers do notmanage other similarly managed mutualfunds or client accounts.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund maybenefit from economies of scale throughcontractual breakpoints in the Fund’sadvisory fee schedule, which generallyoperate to reduce the Fund’s expense ratioas it grows in size. The Board noted thatthe Fund also shares in economies ofscale through Invesco Advisers’ ability tonegotiate lower fee arrangements withthird party service providers. The Boardnoted that the Fund may also benefit fromeconomies of scale through initial fee

business infrastructure, technology andcybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs of theadvisory and other services that InvescoAdvisers and its affiliates provide to theFund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Board consideredthe methodology used for calculatingprofitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided.The Board noted that Invesco Advisersprovided information demonstrating thatInvesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its



The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending arrangements may beinvested in registered money market fundsor, with regard to securities lending cashcollateral, unregistered funds that complywith Rule 2a-7 (collectively referred to as“affiliated money market funds”) advised byInvesco Advisers. The Board consideredinformation regarding the returns of theaffiliated money market funds relative tocomparable overnight investments, as wellas the fees paid by the affiliated moneymarket funds to Invesco Advisers and itsaffiliates. In this regard, the Board noted thatInvesco Advisers receives advisory feesfrom these affiliated money market fundsattributable to the Fund’s investments. TheBoard also noted that Invesco Advisers has

equal to 100% of the net advisory feeInvesco Advisers receives from theaffiliated money market funds with respectto the Fund’s investment in the affiliatedmoney market funds of uninvested cash,but not cash collateral. The Boardconcluded that the advisory fees payableto Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund.






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setting, fee waivers and expensereimbursements, as well as InvescoAdvisers’ investment in its business,including investments in

contractually agreed to waive throughvarying periods an amount

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Go paperless with eDeliveryVisit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investmentdocuments.With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, saveand print from your own computer:∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For thesecond and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. Forthe first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to itsreports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings.Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for theFund are shown below.




SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. O-INTI-SAR-1

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209925 EDG 1INVESCOREAL ESTATE


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Invesco Real Estate FundNasdaq:A: IARAX ∎ C: IARCX ∎ R: IARRX ∎ Y: IARYX ∎ Investor: REINX ∎ R5: IARIX ∎ R6: IARFX


For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing.


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Fund Performance

Performance summary

Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does notinclude applicable contingent deferred sales charges (CDSC) or front-end sales charges, which wouldhave reduced performance.

Class A Shares 25.02% Class C Shares 24.53 Class R Shares 24.83 Class Y Shares 25.18 Investor Class Shares 25.07 Class R5 Shares 25.33 Class R6 Shares 25.32 S&P 500 Index▼ (Broad Market Index) 19.52 FTSE NAREIT All Equity REITs Index▼ (Style-Specific Index) 25.95 Lipper Real Estate Funds Index∎ (Peer Group Index) 23.36 Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500® Index is an unmanaged index considered representative of the US stockmarket. The FTSE NAREIT All Equity REITs Index is an unmanaged index consideredrepresentative of US REITs. The Lipper Real Estate Funds Index is an unmanaged index considered representative ofreal estate funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including theindex(es) described here, and consequently, the performance of the Fund may deviatesignificantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index resultsinclude reinvested dividends, and they do not reflect sales charges. Performance of the peergroup, if applicable, reflects fund expenses; performance of a market index does not.



2 Invesco Real Estate Fund

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Average Annual Total ReturnsAs of 8/31/21, including maximum applicable salescharges

Class A Shares Inception (12/31/96) 9.24% 10 Years 9.11 5 Years 6.09 1 Year 23.36 Class C Shares Inception (5/1/95) 10.34% 10 Years 9.07 5 Years 6.48 1 Year 28.60 Class R Shares Inception (4/30/04) 9.40% 10 Years 9.45 5 Years 7.02 1 Year 30.26 Class Y Shares Inception (10/3/08) 9.31% 10 Years 10.00 5 Years 7.56 1 Year 30.89 Investor Class Shares Inception (9/30/03) 9.81% 10 Years 9.74 5 Years 7.33 1 Year 30.57 Class R5 Shares Inception (4/30/04) 10.13% 10 Years 10.15 5 Years 7.71 1 Year 31.19 Class R6 Shares 10 Years 10.18% 5 Years 7.80 1 Year 31.30

Class R6 shares incepted onSeptember 24, 2012. Performanceshown prior to that date is that ofClass A shares at net asset value andincludes the 12b-1 fees applicable toClass A shares. The performance data quotedrepresent past performance and cannotguarantee future results; currentperformance may be lower or higher.Please visit invesco.com/ performancefor the most recent month-endperformance. Performance figuresreflect reinvested distributions,changes in net asset value and theeffect of the maximum sales chargeunless otherwise stated. Performancefigures do not reflect deduction of taxesa shareholder would pay on Funddistributions or sale of Fund shares.Investment return and principal valuewill fluctuate so that you may have again or loss when you sell shares. Class A share performance reflectsthe maximum 5.50% sales charge, andClass C share performance reflects theapplicable contingent deferred salescharge (CDSC) for the period involved.The CDSC on Class C shares is 1% forthe first year after purchase. Class R,Class Y, Investor Class,

Class R5 and Class R6 shares do nothave a front-end sales charge or a CDSC;therefore, performance is at net assetvalue. The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses. Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursed expensescurrently or in the past, returns wouldhave been lower. See current prospectusfor more information.

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In compliance with Rule 22e-4 underthe Investment Company Act of 1940,as amended (the “Liquidity Rule”), theFund has adopted and implemented aliquidity risk management program inaccordance with the Liquidity Rule(the “Program”). The Program isreasonably designed to assess andmanage the Fund’s liquidity risk, whichis the risk that the Fund could notmeet redemption requests withoutsignificant dilution of remaininginvestors’ interests in the Fund. TheBoard of Trustees of the Fund (the“Board”) has appointed InvescoAdvisers, Inc. (“Invesco”), the Fund’sinvestment adviser, as the Program’sadministrator, and Invesco hasdelegated oversight of the Program tothe Liquidity Risk ManagementCommittee (the “Committee”), which iscomposed of senior representativesfrom relevant business groups atInvesco.

As required by the Liquidity Rule, theProgram includes policies andprocedures providing for anassessment, no less frequently thanannually, of the Fund’s liquidity riskthat takes into account, as relevant tothe Fund’s liquidity risk: (1) the Fund’sinvestment strategy and liquidity ofportfolio investments during bothnormal and reasonably foreseeablestressed conditions; (2) short-term andlong-term cash flow projections for theFund during both normal andreasonably foreseeable stressedconditions; and (3) the Fund’s holdingsof cash and cash equivalents and anyborrowing arrangements. The LiquidityRule also requires the classification ofthe Fund’s investments into categoriesthat reflect the assessment of theirrelative liquidity under current marketconditions. The Fund classifies itsinvestments into one of fourcategories defined in the LiquidityRule: “Highly Liquid,” “ModeratelyLiquid,” “Less Liquid,” and “Illiquid.”Funds that are not invested primarilyin “Highly Liquid Investments” that areassets (cash or investments that arereasonably expected to be convertibleinto cash within three business dayswithout significantly changing themarket value of the investment) arerequired to establish a “Highly LiquidInvestment Minimum” (“HLIM”), whichis the minimum percentage of netassets that must be invested in HighlyLiquid Investments. Funds with HLIMshave procedures for addressing HLIMshortfalls, including reporting to theBoard and the SEC (on a non-publicbasis) as required by the Program andthe Liquidity Rule. In addition, theFund may not acquire an investmentif, immediately after the acquisition,over 15% of the Fund’s net assetswould consist of “Illiquid Investments”that are assets (an investment thatcannot reasonably be expected to besold or disposed of in current marketconditions in seven calendar days orless

without the sale or dispositionsignificantly changing the market valueof the investment). The Liquidity Ruleand the Program also require reportingto the Board and the SEC (on anon-public basis) if a Fund’s holdings ofIlliquid Investments exceed 15% of theFund’s assets.

At a meeting held on March 22-24,2021, the Committee presented a reportto the Board that addressed theoperation of the Program and assessedthe Program’s adequacy andeffectiveness of implementation (the“Report”). The Report covered theperiod from January 1, 2020 throughDecember 31, 2020 (the “ProgramReporting Period”). The Reportdiscussed notable events affectingliquidity over the Program ReportingPeriod, including the impact of thecoronavirus pandemic on the Fund andthe overall market. The Report notedthat there were no material changes tothe Program during the ProgramReporting Period.The Report stated, in relevant part, thatduring the Program Reporting Period:


∎ The Fund’s investment strategy

remained appropriate for an open-endfund;

∎ The Fund was able to meet requestsfor redemption without significantdilution of remaining investors’ interestsin the Fund;


∎ The Fund primarily held Highly Liquid

Investments and therefore has notadopted an HLIM.

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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco Real Estate Fund

Shares Value Common Stocks & Other Equity Interests–99.38% Apartments–14.80% AvalonBay Communities, Inc. 397,927 $ 91,356,081 Camden Property Trust 259,344 38,911,974 Equity Residential 289,556 24,342,973 Mid-America Apartment

Communities, Inc. 313,869 60,378,979 UDR, Inc.(b) 1,866,751 100,841,889 315,831,896

Data Centers–11.01% CoreSite Realty Corp. 93,096 13,812,653 CyrusOne, Inc. 361,520 27,829,810 Digital Realty Trust, Inc. 167,649 27,479,348 Equinix, Inc. 196,545 165,775,880 234,897,691

Diversified–0.77% BGP Holdings PLC(c)(d) 3,547,941 4 JBG SMITH Properties 546,438 16,464,177 16,464,181

Free Standing–2.43% Agree Realty Corp. 256,204 19,100,008 Essential Properties Realty Trust,

Inc. 783,965 25,408,306 NETSTREIT Corp. 285,609 7,385,849 51,894,163

Health Care–8.56% Ventas, Inc. 1,395,739 78,077,640 Welltower, Inc. 1,195,870 104,674,501 182,752,141

Industrial–14.64% Americold Realty Trust(b) 846,305 31,093,246 Duke Realty Corp. 1,456,222 76,466,217 Exeter Industrial Value Fund

L.P.(c)(d)(e) 4,185,000 292,030 Prologis, Inc. 1,095,126 147,469,667 Rexford Industrial Realty, Inc. 921,197 57,049,730 312,370,890

Infrastructure REITs–14.05% American Tower Corp. 549,578 160,570,204 Crown Castle International Corp. 380,784 74,134,837 SBA Communications Corp.,

Class A 181,227 65,055,056 299,760,097

Lodging Resorts–8.03% Apple Hospitality REIT, Inc. 1,935,957 28,613,444 DiamondRock Hospitality Co.(f) 1,492,077 13,488,376 Host Hotels & Resorts, Inc.(f) 1,420,901 23,530,121 RLJ Lodging Trust 2,083,451 30,064,198 Ryman Hospitality Properties,

Inc.(b)(f) 396,484 32,935,926 Sunstone Hotel Investors, Inc.(b)(f) 2,819,560 32,678,700 Xenia Hotels & Resorts, Inc.(f) 570,285 9,934,365 171,245,130

Shares Value Office–4.54% Alexandria Real Estate

Equities, Inc. 194,989 $ 40,239,880 Brandywine Realty Trust 1,327,332 18,423,368 Columbia Property Trust, Inc. 511,729 8,556,109 Highwoods Properties, Inc. 388,705 17,759,931 Kilroy Realty Corp. 182,038 11,950,795 96,930,083

Regional Malls–2.28% Simon Property Group, Inc. 362,157 48,692,009

Self Storage–2.53% CubeSmart 276,996 14,819,286 Life Storage, Inc. 314,039 39,079,013 53,898,299

Shopping Centers–4.99% Brixmor Property Group, Inc. 1,427,870 33,483,551 Regency Centers Corp. 356,853 24,487,253 SITE Centers Corp. 1,509,346 24,315,564 Urban Edge Properties 1,271,449 24,081,244 106,367,612

Single Family Homes–4.39% American Homes 4 Rent L.P.,

Class A 115,160 4,829,810 Invitation Homes, Inc. 2,155,967 88,782,721 93,612,531

Specialty–3.54% Outfront Media, Inc.(f) 1,090,161 26,992,386 VICI Properties, Inc.(b) 1,573,334 48,631,754 75,624,140

Timber REITs–2.82% PotlatchDeltic Corp. 113,497 5,896,169 Weyerhaeuser Co. 1,508,794 54,316,584 60,212,753

Total Common Stocks & Other EquityInterests(Cost $1,453,385,002)

2,120,553,616


Portfolio, Institutional Class,0.03%(g)(h) 4,089,797 4,089,797

Invesco Liquid Assets Portfolio,InstitutionalClass, 0.01%(g)(h) 4,897,321 4,899,280

Invesco Treasury Portfolio,Institutional Class,0.01%(g)(h) 4,674,054 4,674,054


13,663,131

TOTAL INVESTMENTS IN SECURITIES(excluding investments purchased with cashcollateral from securities on loan)-100.02%(Cost $1,467,046,129)

2,134,216,747


Money Market Funds–3.55% Invesco Private Government

Fund, 0.02%(g)(h)(i) 22,705,038 22,705,038

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Investment Abbreviations:REIT – Real Estate Investment Trust


(a) Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”)Equity REITs Index, which is exclusively owned by NAREIT.

(b) All or a portion of this security was out on loan at August 31, 2021.(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security

may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of thesesecurities at August 31, 2021 was $292,034, which represented less than 1% of the Fund’s Net Assets.

(d) Security valued using significant unobservable inputs (Level 3). See Note 3.(e) The Fund has a remaining commitment to purchase additional interests, which are subject to the terms of the limited partnership agreements for the

following securities:

Security Remaining

Commitment Percent

Ownership Exeter Industrial Value Fund L.P. $315,000 1.26%

(f) Non-income producing security.(g) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under

common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six monthsended August 31, 2021.

Value


at Cost Proceeds

from Sales

Change inUnrealized


RealizedGain

ValueAugust 31, 2021 Dividend Income

Investments in Affiliated Money Market Funds: Invesco

Government &Agency Portfolio,Institutional Class $ 4,107,238 $ 57,885,778 $ (57,903,219) $ - $ - $ 4,089,797 $ 572

Invesco LiquidAssets Portfolio,Institutional Class 5,655,340 41,283,365 (42,039,426) (135) 136 4,899,280 296

Invesco TreasuryPortfolio,Institutional Class 4,693,987 66,155,175 (66,175,108) - - 4,674,054 243

Investments Purchased with Cash Collateralfrom Securities on Loan:

Invesco PrivateGovernment Fund - 116,347,882 (93,642,844) - - 22,705,038 736*

Invesco PrivatePrime Fund - 255,503,740 (202,525,319) - - 52,978,421 10,570*

Total $14,456,565 $537,175,940 $(462,285,916) $(135) $136 $89,346,590 $ 12,417

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations.Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(h) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the

borrower’s return of the securities loaned. See Note 1I.


Shares Value

Money Market Funds–(continued) Invesco Private Prime Fund,

0.11%(g)(h)(i) 52,957,237 $ 52,978,421


75,683,459

TOTAL INVESTMENTS INSECURITIES–103.57%(Cost $1,542,729,588)

2,209,900,206

OTHER ASSETS LESSLIABILITIES–(3.57)% (76,241,175)

NET ASSETS–100.00% $2,133,659,031

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Portfolio CompositionBy property type, based on total net assetsas of August 31, 2021 Apartments 14.80% Industrial 14.64 Infrastructure REITs 14.05 Data Centers 11.01 Health Care 8.56 Lodging Resorts 8.03 Shopping Centers 4.99 Office 4.54 Single Family Homes 4.39 Specialty 3.54 Timber REITs 2.82 Self Storage 2.53 Free Standing 2.43 Regional Malls 2.28 Diversified 0.77 Money Market Funds Plus Other Assets Less Liabilities 0.62


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(Cost $1,453,385,002)* $2,120,553,616

Investments in affiliated money market funds,at value(Cost $89,344,586) 89,346,590

Cash 144

Foreign currencies, at value (Cost $223) 220



Dividends 1,121,819

Interest 5,555


Other assets 91,310



Investments purchased 3,812,455



Accrued fees to affiliates 1,422,703








$2,133,659,031

Net Assets: Class A $ 915,140,406

Class C $ 42,832,284

Class R $ 126,243,256

Class Y $ 330,734,095


Class R5 $ 311,993,820

Class R6 $ 374,221,994


Class A 39,432,144

Class C 1,859,587

Class R 5,431,551

Class Y 14,257,761


Class R5 13,445,993

Class R6 16,133,457


Maximum offering price per share (Netasset value of $23.21 ÷ 94.50%) $ 24.56







* At August 31, 2021, securities with an aggregate value of $74,467,033were on loan to brokers.

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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Dividends $ 25,364,359







Class C 208,839

Class R 291,984


Transfer agent fees – A, C, R, Y and Investor 1,659,864







Other 20,637








149,544,907


Affiliated investment securities (135)

Foreign currencies (8)

278,128,935




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August 31,

2021 February 28,

2021



Change in net unrealized appreciation 278,128,935 80,023,720



Class C (80,734) (1,703,280)

Class R (493,310) (4,128,668)

Class Y (1,978,395) (14,655,908)

Investor Class (173,325) (2,129,016)

Class R5 (2,093,738) (17,671,184)

Class R6 (2,815,616) (16,566,750)



Class C (4,843,179) 10,947,348

Class R (2,181,414) 42,752,924

Class Y 9,982,735 63,329,437

Investor Class (1,617,410) (5,310,138)

Class R5 5,699,785 3,700,100

Class R6 (22,312,567) 116,960,060




End of period $2,133,659,031 $1,796,772,765


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Financial Highlights(Unaudited)The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

Net�assetvalue,

beginningof�period

Netinvestmentincome(a)

Net�gains(losses)

on�securities(both

realized�andunrealized)

Total�frominvestmentoperations

Dividendsfrom�net

investmentincome

Distributionsfrom�netrealizedgains

Totaldistributions

Net�assetvalue,�endof period

Totalreturn�(b)

Net assets,end�of period

(000’s�omitted)

Ratio ofexpenses

to�averagenet�assets

with�fee�waiversand/or

expensesabsorbed

Ratio ofexpenses

to�average�netassets�without

fee�waiversand/or

expensesabsorbed

Ratio�of�netinvestment

incometo averagenet assets

Portfolioturnover�(c)

Class A Six months ended 08/31/21 $18.67 $0.13 $ 4.53 $ 4.66 $(0.12) $ – $(0.12) $23.21 25.02% $915,140 1.25%(d) 1.25%(d) 1.25%(d) 31% Year ended 02/28/21 20.72 0.17 (0.89) (0.72) (0.28) (1.05) (1.33) 18.67 (2.59) 804,058 1.28 1.28 0.98 156 Year ended 02/29/20 20.94 0.30 1.44 1.74 (0.35) (1.61) (1.96) 20.72 8.11 627,197 1.23 1.23 1.33 59 Year ended 02/28/19 19.32 0.32 2.70 3.02 (0.28) (1.12) (1.40) 20.94 15.98 661,325 1.27 1.27 1.54 47 Year ended 02/28/18 21.64 0.30 (1.35) (1.05) (0.25) (1.02) (1.27) 19.32 (5.38) 659,464 1.27 1.27 1.38 44 Year ended 02/28/17 21.76 0.31 2.97 3.28 (0.41) (2.99) (3.40) 21.64 15.74 922,255 1.24 1.24 1.31 52 Class C Six months ended 08/31/21 18.53 0.05 4.49 4.54 (0.04) – (0.04) 23.03 24.53 42,832 2.00(d) 2.00(d) 0.50(d) 31 Year ended 02/28/21 20.56 0.04 (0.88) (0.84) (0.14) (1.05) (1.19) 18.53 (3.33) 38,752 2.03 2.03 0.23 156 Year ended 02/29/20 20.80 0.13 1.42 1.55 (0.18) (1.61) (1.79) 20.56 7.25 27,928 1.98 1.98 0.58 59 Year ended 02/28/19 19.20 0.16 2.68 2.84 (0.12) (1.12) (1.24) 20.80 15.10 38,515 2.02 2.02 0.79 47 Year ended 02/28/18 21.50 0.14 (1.34) (1.20) (0.08) (1.02) (1.10) 19.20 (6.04) 76,811 2.02 2.02 0.63 44 Year ended 02/28/17 21.64 0.13 2.95 3.08 (0.23) (2.99) (3.22) 21.50 14.84 117,090 1.99 1.99 0.56 52 Class R Six months ended 08/31/21 18.70 0.11 4.52 4.63 (0.09) – (0.09) 23.24 24.83 126,243 1.50(d) 1.50(d) 1.00(d) 31 Year ended 02/28/21 20.74 0.13 (0.89) (0.76) (0.23) (1.05) (1.28) 18.70 (2.81) 103,667 1.53 1.53 0.73 156 Year ended 02/29/20 20.97 0.24 1.43 1.67 (0.29) (1.61) (1.90) 20.74 7.78 60,630 1.48 1.48 1.08 59 Year ended 02/28/19 19.35 0.27 2.70 2.97 (0.23) (1.12) (1.35) 20.97 15.67 68,733 1.52 1.52 1.29 47 Year ended 02/28/18 21.66 0.24 (1.34) (1.10) (0.19) (1.02) (1.21) 19.35 (5.56) 74,367 1.52 1.52 1.13 44 Year ended 02/28/17 21.78 0.25 2.97 3.22 (0.35) (2.99) (3.34) 21.66 15.43 102,102 1.49 1.49 1.06 52 Class Y Six months ended 08/31/21 18.66 0.16 4.52 4.68 (0.14) – (0.14) 23.20 25.18 330,734 1.00(d) 1.00(d) 1.50(d) 31 Year ended 02/28/21 20.71 0.22 (0.90) (0.68) (0.32) (1.05) (1.37) 18.66 (2.33) 256,699 1.03 1.03 1.23 156 Year ended 02/29/20 20.94 0.36 1.42 1.78 (0.40) (1.61) (2.01) 20.71 8.33 204,951 0.98 0.98 1.58 59 Year ended 02/28/19 19.32 0.37 2.70 3.07 (0.33) (1.12) (1.45) 20.94 16.28 188,940 1.02 1.02 1.79 47 Year ended 02/28/18 21.63 0.35 (1.34) (0.99) (0.30) (1.02) (1.32) 19.32 (5.09) 191,203 1.02 1.02 1.63 44 Year ended 02/28/17 21.76 0.37 2.96 3.33 (0.47) (2.99) (3.46) 21.63 15.98 201,330 0.99 0.99 1.56 52 Investor Class Six months ended 08/31/21 18.61 0.14 4.51 4.65 (0.12) – (0.12) 23.14 25.07(e) 32,493 1.22(d)(e) 1.22(d)(e) 1.28(d)(e) 31 Year ended 02/28/21 20.65 0.18 (0.89) (0.71) (0.28) (1.05) (1.33) 18.61 (2.53)(e) 27,546 1.23(e) 1.23(e) 1.03(e) 156 Year ended 02/29/20 20.89 0.30 1.42 1.72 (0.35) (1.61) (1.96) 20.65 8.06(e) 37,537 1.22(e) 1.22(e) 1.34(e) 59 Year ended 02/28/19 19.27 0.32 2.70 3.02 (0.28) (1.12) (1.40) 20.89 16.05(e) 32,447 1.23(e) 1.23(e) 1.58(e) 47 Year ended 02/28/18 21.58 0.30 (1.34) (1.04) (0.25) (1.02) (1.27) 19.27 (5.33)(e) 32,868 1.23(e) 1.23(e) 1.42(e) 44 Year ended 02/28/17 21.71 0.31 2.96 3.27 (0.41) (2.99) (3.40) 21.58 15.73(e) 41,961 1.23(e) 1.23(e) 1.32(e) 52 Class R5 Six months ended 08/31/21 18.66 0.18 4.52 4.70 (0.16) – (0.16) 23.20 25.28 311,994 0.85(d) 0.85(d) 1.65(d) 31 Year ended 02/28/21 20.71 0.25 (0.91) (0.66) (0.34) (1.05) (1.39) 18.66 (2.22) 247,114 0.87 0.87 1.39 156 Year ended 02/29/20 20.94 0.38 1.43 1.81 (0.43) (1.61) (2.04) 20.71 8.47 268,267 0.87 0.87 1.69 59 Year ended 02/28/19 19.32 0.40 2.69 3.09 (0.35) (1.12) (1.47) 20.94 16.41 258,447 0.88 0.88 1.93 47 Year ended 02/28/18 21.63 0.38 (1.34) (0.96) (0.33) (1.02) (1.35) 19.32 (4.96) 258,599 0.89 0.89 1.76 44 Year ended 02/28/17 21.76 0.39 2.96 3.35 (0.49) (2.99) (3.48) 21.63 16.12 345,558 0.89 0.89 1.66 52 Class R6 Six months ended 08/31/21 18.66 0.18 4.52 4.70 (0.16) – (0.16) 23.20 25.32 374,222 0.78(d) 0.78(d) 1.72(d) 31 Year ended 02/28/21 20.71 0.26 (0.90) (0.64) (0.36) (1.05) (1.41) 18.66 (2.13) 318,936 0.79 0.79 1.47 156 Year ended 02/29/20 20.93 0.40 1.44 1.84 (0.45) (1.61) (2.06) 20.71 8.60 202,467 0.79 0.79 1.77 59 Year ended 02/28/19 19.31 0.41 2.70 3.11 (0.37) (1.12) (1.49) 20.93 16.52 160,145 0.80 0.80 2.01 47 Year ended 02/28/18 21.63 0.40 (1.35) (0.95) (0.35) (1.02) (1.37) 19.31 (4.93) 100,866 0.80 0.80 1.85 44 Year ended 02/28/17 21.75 0.41 2.97 3.38 (0.51) (2.99) (3.50) 21.63 16.28 111,069 0.80 0.80 1.75 52

(a) Calculated using average shares outstanding.(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset

values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities

purchased of $630,639,314 and sold of $40,029,958 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Real Estate Fund into the Fund.(d) Annualized.(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.22%, 0.20%, 0.24%, 0.21%, 0.21% and 0.24% for the six months ended

August 31, 2021 and the years ended February 28, 2021, February 29, 2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.


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Invesco Real Estate Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the“Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficialinterest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will bevoted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and

Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales chargeunless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred salescharges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at netasset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund(the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the monthfollowing the eighth anniversary after a purchase of Class C shares.











B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.



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Page 1 of 2Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of

securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination ofnet realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement ofChanges in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights.Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns.These transaction costs are not considered operating expenses and are not reflected in net investment income reported in theStatement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios ofexpenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangementsbetween the Fund and the investment adviser.




D. Distributions – Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividenddate. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.







I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Suchloans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lendingprovider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies.Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money marketfunds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment ofcollateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the nextbusiness day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily lessthan the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, includingthe economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and tothe extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly,and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or theFund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon thefailure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market toreplace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities maylose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lendingagent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss onthe collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net ofcompensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. Theaggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks andmajor currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) andincome items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates oninvestments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreignexchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the netrealized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains orlosses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates onsecurities transactions, and (3) the difference between the amounts of dividends,

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Page 2 of 2 13 Invesco Real Estate Fund

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Page 1 of 1interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received orpaid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other thaninvestments in securities at fiscal period end, resulting from changes in exchange rates.





L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fundmay tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.



M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.




Average Daily Net Assets Rate First $ 250 million 0.750% Next $250 million 0.740% Next $500 million 0.730% Next $1.5 billion 0.720% Next $2.5 billion 0.710% Next $2.5 billion 0.700% Next $2.5 billion 0.690% Over $10 billion 0.680%



Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburseexpenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excludingcertain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%,1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, theAdviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit totalannual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A,Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.34%, 2.09%, 1.59%, 1.09%, 1.34%, 0.97% and 0.92%, respectively, of theFund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the followingexpenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement toexceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items,including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offsetarrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiveragreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of theBoard of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in anamount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund ofuninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds. 14 Invesco Real Estate Fund

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Page 1 of 1For the six months ended August 31, 2021, the Adviser waived advisory fees of $2,832.The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 underthe 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuantto the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of theaverage daily net assets of Class A shares and up to a maximum annual rate of 0.25% of the average daily net assets of InvestorClass shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the averagedaily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The feesare accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paidto furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid asa service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”)impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For thesix months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $37,795 in front-end sales commissions from the sale of Class A shares and $1,459 and $596 from Class A andClass C shares, respectively, for CDSC imposed upon redemptions by shareholders.




Level 1 - Prices are determined using quoted prices in an active market for identical assets. Level 2 -


Level 3 -



Level 1 Level 2 Level 3 Total Investments in Securities Common Stocks & Other Equity Interests $2,120,261,582 $ – $292,034 $2,120,553,616 Money Market Funds 13,663,131 75,683,459 – 89,346,590

Total Investments $2,133,924,713 $75,683,459 $292,034 $2,209,900,206




Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of theFund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also includeamounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option toselect various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligibleto participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on thenumber of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits undersuch plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligationsunder the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund. 15 Invesco Real Estate Fund

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Page 1 of 1NOTE 6–Cash Balances








Not subject to expiration $57,754,864 $– $57,754,864














Sold: Class A 2,246,906 $ 47,879,612 7,132,556 $ 126,165,784

Class C 136,001 2,858,365 345,281 6,138,107

Class R 589,359 12,677,411 786,892 13,901,916

Class Y 3,141,777 66,062,658 5,073,488 89,768,751

Investor Class 90,077 1,890,366 182,728 3,236,680

Class R5 2,581,363 56,376,780 3,854,748 68,248,825

Class R6 2,375,837 50,297,224 5,151,156 90,476,088

Issued as reinvestment of dividends: Class A 218,058 4,475,358 2,438,552 40,639,632

Class C 3,766 75,777 95,609 1,581,329

Class R 23,987 492,857 246,385 4,127,368

Class Y 62,543 1,286,777 616,551 10,289,152

Investor Class 8,165 167,187 124,462 2,055,082

Class R5 101,645 2,092,974 1,063,534 17,633,674

Class R6 134,616 2,767,496 975,532 16,324,034

Automatic conversion of Class C shares to Class A shares: Class A 157,101 3,352,128 818,497 14,428,058

Class C (158,172) (3,352,128) (823,871) (14,428,058)


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Issued in connection with acquisitions:(b) Class A - $ - 17,572,308 $ 293,751,283

Class C - - 2,249,756 37,367,211

Class R - - 3,800,712 63,660,703

Class Y - - 5,359,726 89,531,346

Class R5 - - 480 8,007

Class R6 - - 13,725,949 229,101,643


Class C (213,379) (4,425,193) (1,133,668) (19,711,241)

Class R (726,569) (15,351,682) (2,211,851) (38,937,063)

Class Y (2,705,469) (57,366,700) (7,185,142) (126,259,812)

Investor Class (173,998) (3,674,963) (644,393) (10,601,900)

Class R5 (2,478,143) (52,769,969) (4,631,084) (82,190,406)

Class R6 (3,472,992) (75,377,287) (12,534,667) (218,941,705)

Net increase (decrease) in share activity (4,321,733) $ (92,603,078) 27,289,513 $ 439,235,011


(b) After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Real Estate Fund (the“Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. Thereorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition wasaccomplished by a tax-free exchange of 42,708,931 shares of the Fund for 34,206,907 shares outstanding of the Target Fund as ofthe close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based onthe relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The TargetFund’s net assets as of the close of business on April 17, 2020 of $713,420,193, including $37,161,369 of unrealized appreciation,were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,201,814,189 and$1,915,234,382 immediately after the acquisition.


Net investment income $ 23,400,431

Net realized/unrealized gains (127,280,092)

Change in net assets resulting from operations $(103,879,661)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, itis not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statementof Operations since April 18, 2020.


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Actual expenses


Hypothetical example for comparison purposesThe table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actualexpense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.




Class A $1,000.00 $1,250.20 $7.09 $1,018.90 $6.36 1.25%Class C 1,000.00 1,245.30 11.32 1,015.12 10.16 2.00 Class R 1,000.00 1,248.30 8.50 1,017.64 7.63 1.50 Class Y 1,000.00 1,251.80 5.68 1,020.16 5.09 1.00

Investor Class 1,000.00 1,250.70 6.92 1,019.06 6.21 1.22 Class R5 1,000.00 1,253.30 4.83 1,020.92 4.33 0.85 Class R6 1,000.00 1,253.20 4.43 1,021.27 3.97 0.78




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoReal Estate Fund’s (the Fund) MasterInvestment Advisory Agreement with InvescoAdvisers, Inc. (Invesco Advisers and theinvestment advisory agreement) and theMaster Intergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determined thatthe compensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts.As part of the contract renewal process, the

Board reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal process to ensurethey are negotiated in a manner that is atarms’ length and reasonable. In addition tomeetings with Invesco Advisers and fundcounsel

throughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees also discussedthe continuance of the investment advisoryagreement and sub-advisory contracts inseparate sessions with the Senior Officer andwith independent legal counsel.The discussion below is a summary of the

Senior Officer’s independent written evaluationwith respect to the Fund’s investment advisoryagreement and sub-advisory contracts, as wellas a discussion of the material factors andrelated conclusions that formed the basis forthe Board’s approval of the Fund’s investmentadvisory agreement and sub-advisorycontracts. The Trustees’ review andconclusions are based on the comprehensiveconsideration of all information presented tothem during the course of the year and in prioryears and are not the result of any singledeterminative factor. Moreover, one Trusteemay have weighed a particular piece ofinformation or factor differently than anotherTrustee. The information received andconsidered by the Board was current as ofvarious dates prior to the Board’s approval onJune 10, 2021.Factors and Conclusions and Summary ofIndependent Written Fee Evaluation

A. Nature, Extent and Quality of ServicesProvided by Invesco Advisers and theAffiliated Sub-Advisers


an investment management business, as wellas its commitment of financial and otherresources to such business. The Boardconcluded that the nature, extent and qualityof the services provided to the Fund byInvesco Advisers are appropriate andsatisfactory.The Board reviewed the services that may

be provided by the Affiliated Sub-Advisersunder the sub-advisory contracts and thecredentials and experience of the officers andemployees of the Affiliated Sub-Advisers whoprovide these services. The Board noted theAffiliated Sub-Advisers’ expertise with respectto certain asset classes and that the AffiliatedSub-Advisers have offices and personnel thatare located in financial centers around theworld. As a result, the Board noted that theAffiliated Sub-Advisers can provide researchand investment analysis on the markets andeconomies of various countries in which theFund may invest, make recommendationsregarding securities and assist with securitytrades. The Board concluded that thesub-advisory contracts may benefit the Fundand its shareholders by permitting InvescoAdvisers to use the resources and talents ofthe Affiliated Sub-Advisers in managing theFund. The Board concluded that the nature,extent and quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement as well as thesub-advisory contracts for the Fund, asInvesco Asset Management Limited currentlymanages assets of the Fund.The Board compared the Fund’s investment

performance over multiple time periodsending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against the FTSENAREIT All Equity REITs Index (Index). TheBoard noted that performance of Class Ashares of the Fund was in the fifth quintile ofits performance universe for the one andthree year periods and the fourth quintile forthe five year period (the first quintile being thebest performing funds and the fifth quintilebeing the worst performing funds). The Boardnoted that performance of Class A shares ofthe Fund was below the performance of theIndex for the one, three and five year periods.The Board noted that the Fund’s overweightexposure to certain real estate sub-sectorswith a structural growth focus, such as theinfrastructure, industrial and single-familyrental sub-sectors, as well as stock selectionin the U.S. negatively impacted the Fund’srelative performance. The Board recognizedthat the performance data reflects a snapshotin time as of a particular date and thatselecting a different performance period couldproduce different results. The Board alsoreviewed more recent Fund performance aswell as other performance metrics, which didnot change its conclusions.C. Advisory and Sub-Advisory Fees and

Fund ExpensesThe Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual

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management fee rate for Class A shares ofthe Fund was below the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe term “contractual management fee” forfunds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.


The Board also considered the feescharged by Invesco Advisers and itsaffiliates to other client accounts that aresimilarly managed. Invesco Advisersreviewed with the Board differences in thescope of services it provides to the InvescoFunds relative to that provided by InvescoAdvisers and its affiliates to certain othertypes of client accounts, including, amongothers: management of cash flows as aresult of redemptions and purchases;necessary infrastructure such as officers,office space, technology, legal anddistribution; oversight of service providers;costs and business risks associated withlaunching new funds and sponsoring andmaintaining the product line; andcompliance with federal and state laws andregulations. Invesco Advisers also advisedthe Board that many of the similarlymanaged client accounts have all-inclusivefee structures, which are not easilyun-bundled.

The Board also compared the Fund’seffective advisory fee rate (defined for thispurpose as the advisory fee rate afteradvisory fee waivers and before otherexpense limitations/waivers) to theeffective advisory fee rates of othersimilarly managed third-party mutual fundsadvised or sub-advised by InvescoAdvisers and its affiliates, based on assetbalances as of December 31, 2020.

The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the Affiliated

grows in size. The Board noted that theFund also shares in economies of scalethrough Invesco Advisers’ ability to negotiatelower fee arrangements with third partyservice providers. The Board noted that theFund may also benefit from economies ofscale through initial fee setting, fee waiversand expense reimbursements, as well asInvesco Advisers’ investment in its business,including investments in businessinfrastructure, technology and cybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs of theadvisory and other services that InvescoAdvisers and its affiliates provide to theFund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Board consideredthe methodology used for calculatingprofitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided.The Board noted that Invesco Advisersprovided information demonstrating thatInvesco Advisers is financially sound andhas the resources necessary to perform itsobligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its



arrangements may be invested inregistered money market funds or, withregard to securities lending cash collateral,unregistered funds that comply with Rule2a-7 (collectively referred to as “affiliatedmoney market funds”) advised by InvescoAdvisers. The Board consideredinformation regarding the returns of theaffiliated money market funds relative tocomparable overnight investments, as wellas the fees paid by the affiliated moneymarket funds to Invesco Advisers and itsaffiliates. In this regard, the Board notedthat Invesco Advisers receives advisoryfees from these affiliated money marketfunds attributable to the Fund’sinvestments. The Board also noted thatInvesco Advisers has contractually agreedto waive through varying periods anamount equal to 100% of the net advisoryfee Invesco Advisers receives from theaffiliated money market funds with respectto the Fund’s investment in the affiliatedmoney market funds of uninvested cash,but not cash collateral. The Boardconcluded that the advisory fees payableto Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund.






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Sub-Advisers pursuant to the sub-advisorycontracts. The Board noted that InvescoAdvisers retains overall responsibility for,and provides services to, sub-advisedInvesco Funds, including oversight of theAffiliated Sub-Advisers as well as theadditional services described herein otherthan day-to-day portfolio management.D. Economies of Scale and Breakpoints

The Board considered the extent towhich there may be economies of scale inthe provision of advisory services to theFund and the Invesco Funds, and theextent to which such economies of scaleare shared with the Fund and the InvescoFunds. The Board considered that theFund benefits from economies of scalethrough contractual breakpoints in theFund’s advisory fee schedule, whichgenerally operate to reduce the Fund’sexpense ratio as it

realized by Invesco Advisers and theAffiliated Sub-Advisers as a result ofportfolio brokerage transactions executedthrough “soft dollar” arrangements. TheBoard noted that soft dollar arrangementsmay result in the Fund bearing costs topurchase research that may be used byInvesco Advisers or the AffiliatedSub-Advisers with other clients and mayreduce Invesco Advisers’ or the AffiliatedSub-Advisers’ expenses. The Board alsoconsidered that it receives from InvescoAdvisers periodic reports that include arepresentation to the effect that thesearrangements are consistent with regulatoryrequirements. The Board did not deem thesoft dollar arrangements to be inappropriate.

The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending

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Go paperless with eDeliveryVisit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investmentdocuments. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox todownload, save and print from your own computer:∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request. Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For thesecond and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. Forthe first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to itsreports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings.Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for theFund are shown below.




SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. REA-SAR-1

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209927 EDG 1INVESCOSHORT DURATION INFLA


Donnelley Financial LSWkumaacapNone

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Invesco Short Duration Inflation Protected Fund Nasdaq:A: LMTAX ∎ A2: SHTIX ∎ Y: LMTYX ∎ R5: ALMIX ∎ R6: SDPSX




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Fund Performance

Performance summary

Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not includeapplicable contingent deferred sales charges (CDSC) or front-end sales charges, which would havereduced performance.

Class A Shares 3.45% Class A2 Shares 3.50 Class Y Shares 3.58 Class R5 Shares 3.67 Class R6 Shares 3.59 ICE BofA 1-5 Year US Inflation-Linked Treasury Index▼ (Broad Market/Style-SpecificIndex) 3.97 Lipper Inflation Protected Bond Funds Index∎ (Peer Group Index) 5.10 Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

The ICE BofA 1-5 Year US Inflation-Linked Treasury Index is composed of US Treasury Inflation-Protected Securities with maturities between one and five years. The Lipper Inflation Protected Bond Funds Index is an unmanaged index consideredrepresentative of inflation protected bond funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including theindex(es) described here, and consequently, the performance of the Fund may deviatesignificantly from the performance of the index(es).




2 Invesco Short Duration Inflation Protected Fund

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Class A Shares Inception (10/31/02) 1.69% 10 Years 1.30 5 Years 2.28 1 Year 2.48 Class A2 Shares Inception (12/15/87) 3.80% 10 Years 1.53 5 Years 2.70 1 Year 4.20 Class Y Shares Inception (10/3/08) 1.64% 10 Years 1.73 5 Years 3.07 1 Year 5.42 Class R5 Shares Inception (7/13/87) 4.04% 10 Years 1.74 5 Years 3.07 1 Year 5.42 Class R6 Shares 10 Years 1.73% 5 Years 3.11 1 Year 5.46

Class R6 shares incepted onDecember 31, 2015. Performance shownprior to that date is that of Class A2shares at net asset value and includesthe 12b-1 fees applicable to Class A2shares. The performance data quotedrepresent past performance and cannotguarantee future results; currentperformance may be lower or higher.Please visit invesco.com/performancefor the most recent month-endperformance. Performance figuresreflect reinvested distributions,changes in net asset value and theeffect of the maximum sales chargeunless otherwise stated. Performancefigures do not reflect deduction of taxesa shareholder would pay on Funddistributions or sale of Fund shares.Investment return and principal valuewill fluctuate so that you may have again or loss when you sell shares. Class A share performance reflectsthe maximum 2.50% sales charge.Class A2 share performance reflects themaximum 1.00% sales charge. Class Y,Class R5 and Class R6 shares do nothave a front-end sales charge or aCDSC; therefore, performance is at netasset value. The performance of the Fund’s shareclasses will differ primarily due todifferent sales charge structures andclass expenses. Fund performance reflects anyapplicable fee waivers and/or expensereimbursements. Had the adviser notwaived fees and/or reimbursedexpenses currently or in the past,returns would have been lower. Seecurrent prospectus for moreinformation.

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Interest

Rate Maturity

Date

PrincipalAmount

(000) Value

U.S. Treasury Securities–99.87% U.S. Treasury Inflation – Indexed Notes–99.87%(a) U.S. Treasury Inflation - Indexed Notes 0.13% 01/15/2023 $ 38,385 $ 39,826,513

U.S. Treasury Inflation - Indexed Notes 0.62% 04/15/2023 40,927 42,996,795






U.S. Treasury Inflation - Indexed Notes 0.25 - 2.37% 01/15/2025 69,729 77,841,031




U.S. Treasury Inflation - Indexed Notes 0.62 - 2.00% 01/15/2026 60,699 69,001,842




Shares

Money Market Funds–0.09% Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) 187,137 187,137

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(c) 133,601 133,655

Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(c) 213,870 213,870

Total Money Market Funds (Cost $534,662) 534,662

TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $567,549,541) 590,420,700

OTHER ASSETS LESS LIABILITIES–0.04% 215,540

NET ASSETS–100.00% $590,636,240


(a) Principal amount of security and interest payments are adjusted for inflation. See Note 1H.(b) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


Change in Value Purchases Proceeds Unrealized Realized Value February 28, 2021 at Cost from Sales Appreciation Gain August 31, 2021 Dividend Income

Investmentsin AffiliatedMoneyMarketFunds:

InvescoGovernment &AgencyPortfolio,InstitutionalClass $198,866 $15,066,812 $(15,078,541) $- $- $187,137 $32

Invesco LiquidAssetsPortfolio,InstitutionalClass 142,011 10,583,559 (10,591,915) - - 133,655 10

InvescoTreasuryPortfolio,InstitutionalClass 227,275 17,219,214 (17,232,619) - - 213,870 14

Total $568,152 $42,869,585 $(42,903,075) $- $- $534,662 $56

(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.



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Portfolio CompositionBy U.S. Treasury Securitiesas of August 31, 2021



Coupon % of TotalMaturity Date Rate Net Assets1/15/2023 0.13% 6.74%4/15/2023 0.62 7.287/15/2023 0.37 6.811/15/2024 0.62 6.924/15/2024 0.50 5.017/15/2024 0.13 6.7910/15/2024 0.13 5.391/15/2025 2.37 6.331/15/2025 0.25 6.854/15/2025 0.13 5.457/15/2025 0.37 6.9710/15/2025 0.13 5.271/15/2026 0.62 7.351/15/2026 2.00 4.334/15/2026 0.13 6.197/15/2026 0.13 6.19Other Assets Less Liabilities 0.13

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(Cost $567,014,879) $589,886,038

Investments in affiliated money market funds, atvalue(Cost $534,662) 534,662


Dividends 4

Interest 493,675


Other assets 64,340








Total liabilities 913,576




$590,636,240


Class A2 $ 14,912,441

Class Y $ 50,281,149

Class R5 $ 15,029,028

Class R6 $406,054,292


Class A 9,355,389

Class A2 1,335,343

Class Y 4,500,932

Class R5 1,345,807

Class R6 36,358,753



Class A2: Net asset value per share $ 11.17





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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Treasury Inflation-Protected Securities inflation adjustments $20,683,019

Dividends from affiliated money market funds 56





Distribution fees:

Class A 112,991

Class A2 11,754

Transfer agent fees – A, A2, and Y 81,357





Licensing fees 36,639



Other 8,642





Realized and unrealized gain (loss) from: Net realized gain from unaffiliated investment securities 2,109,548

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities (2,127,587)

Net realized and unrealized gain (loss) (18,039)




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Distributions to shareholders from distributable earnings: Class A (341,676) (409,031)

Class A2 (68,339) (148,205)

Class Y (223,095) (272,300)

Class R5 (27,383) (34,247)

Class R6 (2,134,779) (4,537,247)



Class A2 – (24,453)

Class Y – (44,927)

Class R5 – (5,650)

Class R6 – (748,615)



Share transactions–net: Class A 25,600,138 28,775,283

Class A2 (1,174,588) (1,609,294)

Class Y 15,470,110 14,674,746

Class R5 10,161,584 2,140,187

Class R6 2,717,018 (89,951,791)

Net increase (decrease) in net assets resulting from share transactions 52,774,262 (45,970,869)

Net increase (decrease) in net assets 69,742,906 (28,437,058)


End of period $590,636,240 $520,893,334



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(Unaudited)


Net assetvalue,

beginningof period

Net

investment

income (a)

Net gains



Total frominvestm

entoperations

Dividends

from net

investment

income

R

eturn ofcapital

Total

distributions

Net asset

value, endof period

Total

return (b)

Net assets,


itted)

Ratio of


with fee w

aiversand/or

expensesabsorbed

Ratio of


ithoutfee w

aiversand/or

expensesabsorbed

Ratio of net

investment

income


Portfolio

turnover (c)C

lass A

Six m


$10.82

$0.37

$0.00 (d)

$

0.37

$(0.04)

$

–

$(0.04)

$11.15

3.45%

$104,359

0.55%

(e)

0.62%(e)

6.75%

(e)


10.43

0.09

0.40

0.49

(0.09)

(0.01)

(0.10)

10.82

4.76

76,073

0.55

0.67

0.87

49

Year ended 02/29/20

10.16

0.22

0.24

0.46

(0.16)

(0.03)

(0.19)

10.43

4.61

45,383

0.55

0.66

2.17


10.29

0.20

(0.08)

0.12

(0.25)

–

(0.25)

10.16

1.23

46,384

0.55

0.67

1.97


10.58

0.20

(0.29)

(0.09)

(0.20)

–

(0.20)

10.29

(0.86)

45,609

0.55

0.65

2.02


10.50

0.13

0.08

0.21

(0.12)

(0.01)

(0.13)

10.58

2.04

39,978

0.55

0.70

1.18

41

Class A

2

Six m


10.84

0.38

0.00 (d)

0.38

(0.05)

–

(0.05)

11.17

3.50

14,912

0.45 (e)

0.52 (e)

6.85 (e)

18

Year ended 02/28/21

10.45

0.10

0.40

0.50

(0.09)

(0.02)

(0.11)

10.84

4.86

15,618

0.45

0.57

0.97

49

Year ended 02/29/20

10.17

0.23

0.25

0.48

(0.17)

(0.03)

(0.20)

10.45

4.81

16,641

0.45

0.56

2.27


10.30

0.21

(0.08)

0.13

(0.26)

–

(0.26)

10.17

1.33

17,255

0.45

0.57

2.07


10.59

0.22

(0.30)

(0.08)

(0.21)

–

(0.21)

10.30

(0.76)

19,826

0.45

0.55

2.12


10.51

0.13

0.09

0.22

(0.13)

(0.01)

(0.14)

10.59

2.14

22,234

0.45

0.60

1.28

41

Class Y


10.84

0.39

0.00 (d)

0.39

(0.06)

–

(0.06)

11.17

3.58

50,281

0.30 (e)

0.37 (e)

7.00 (e)


10.45

0.12

0.40

0.52

(0.11)

(0.02)

(0.13)

10.84

5.02

33,512

0.30

0.42

1.12


10.18

0.25

0.24

0.49

(0.19)

(0.03)

(0.22)

10.45

4.86

17,906

0.30

0.41

2.42

45

Year ended 02/28/19

10.31

0.23

(0.08)

0.15

(0.28)

–

(0.28)

10.18

1.48

9,843

0.30

0.42

2.22

37

Year ended 02/28/18

10.59

0.24

(0.29)

(0.05)

(0.23)

–

(0.23)

10.31

(0.51)

12,778

0.30

0.40

2.27

48

Year ended 02/28/17

10.51

0.15

0.09

0.24

(0.14)

(0.02)

(0.16)

10.59

2.30

9,656

0.30

0.45

1.43

41C

lass R5


10.83

0.39

0.01 (d)

0.40

(0.06)

–

(0.06)

11.17

3.67

15,029

0.30 (e)

0.33 (e)

7.00 (e)


10.44

0.12

0.40

0.52

(0.11)

(0.02)

(0.13)

10.83

5.02

4,640

0.30

0.34

1.12


10.18

0.25

0.23

0.48

(0.19)

(0.03)

(0.22)

10.44

4.81

2,340

0.29

0.29

2.43

45

Year ended 02/28/19

10.31

0.23

(0.08)

0.15

(0.28)

–

(0.28)

10.18

1.50

2,976

0.28

0.28

2.24

37

Year ended 02/28/18

10.59

0.24

(0.29)

(0.05)

(0.23)

–

(0.23)

10.31

(0.50)

723

0.29

0.29

2.28

48

Year ended 02/28/17

10.52

0.15

0.08

0.23

(0.14)

(0.02)

(0.16)

10.59

2.21

783

0.30

0.32

1.43

41C

lass R6


10.84

0.39

0.00 (d)

0.39

(0.06)

–

(0.06)

11.17

3.59

406,054

0.26 (e)

0.26 (e)

7.04 (e)

18

Year ended 02/28/21

10.45

0.12

0.40

0.52

(0.11)

(0.02)

(0.13)

10.84

5.05

391,051

0.27

0.27

1.15


10.18

0.25

0.24

0.49

(0.19)

(0.03)

(0.22)

10.45

4.92

467,061

0.26

0.26

2.46


10.31

0.23

(0.08)

0.15

(0.28)

–

(0.28)

10.18

1.52

624,598

0.27

0.27

2.25

37

Year ended 02/28/18

10.59

0.24

(0.29)

(0.05)

(0.23)

–

(0.23)

10.31

(0.48)

709,402

0.26

0.26

2.31


10.51

0.15

0.09

0.24

(0.14)

(0.02)

(0.16)

10.59

2.32

718,865

0.29

0.29

1.44

41 (a)





ay differ fromthe net asset value and returns for shareholder transactions. D



Net realized and unrealized gain (loss) on investm

ents per share may not correlate w

ith the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating m

arket values of the Fund’sinvestm

ents.(e)

Annualized. See accom



ents.





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Invesco Short Duration Inflation Protected Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco InvestmentSecurities Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number ofshares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund oreach class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide protection from the negative effects of unanticipated inflation.The Fund currently consists of five different classes of shares: Class A, Class A2, Class Y, Class R5 and Class R6. Class A and Class A2

shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares maybe subject to contingent deferred sales charges (“CDSC”). Class Y, Class R5 and Class R6 shares are sold at net asset value.

As of the close of business on October 30, 2002, Class A2 shares are closed to new investors.The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance

with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees.

Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflectappropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue,individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactionsof institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade atlower prices than institutional round lots. Debt securities are subject to interest rate and credit risks. In addition, all debt securitiesinvolve some risk of default with respect to interest and principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined ingood faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of thefactors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature andduration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies;relevant political, economic or issuer specific news; and other relevant factors under the circumstances.



B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received.




C. Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividenddate. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

D. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded inthe financial statements.



E. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class.Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 areallocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to theoperations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to allother classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classesbased on relative net assets.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities at the date of the financial


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statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptionsrelated to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for materialevents or transactions that may occur or become known after the period-end date and before the date the financial statements arereleased to print.

G. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust isindemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal courseof business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses.The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made againstthe Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixedincome securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjustedupward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-ProtectedSecurities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

I. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.





First $500 million 0.200%

Over $500 million 0.175%



The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares tothe extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class A2, Class Y, Class R5 and Class R6 shares to 0.55%, 0.45%, 0.30%, 0.30% and 0.30%, respectively, ofthe Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburseexpenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiverand/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales;(4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually paybecause of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. Duringits term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiverwithout approval of the Board of Trustees. To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retainits ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.


For the six months ended August 31, 2021, the Adviser waived advisory fees of $86 and reimbursed class level expenses of $31,666,$5,498, $15,456, $993 and $0 of Class A, Class A2, Class Y, Class R5 and Class R6 shares, respectively.



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A,Class A2, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act withrespect to the Fund’s Class A and Class A2 shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at theannual rate of 0.25% of the average daily net assets of Class A shares and 0.15% of the Fund’s average daily net assets of Class A2shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class ofshares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Anyamounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial IndustryRegulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by anyclass of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement ofOperations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund.CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDIadvised the Fund that IDI retained $12,133 and $69 in front-end sales commissions from the sale of Class A and Class A2 shares,respectively, and $4,153 and $0 from Class A and Class A2 shares, respectively, for CDSC was imposed upon redemptions byshareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI. 12 Invesco Short Duration Inflation Protected Fund

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Level 3 -





U.S. Treasury Securities $ – $589,886,038 $– $589,886,038

Money Market Funds 534,662 – – 534,662

Total Investments $534,662 $589,886,038 $– $590,420,700








The amount and character of income and gains to be distributed are determined in accordance with income tax regulations,which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains availablefor distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paidduring the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.





Not subject to expiration $ 685,892 $19,198,170 $19,884,062



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Page 1 of 1NOTE 8–Investment Transactions

The aggregate amount of long-term U.S. government obligations (other than short-term securities and money market funds, if any)purchased and sold by the Fund during the six months ended August 31, 2021 was $151,838,820 and $102,918,626, respectively. Cost ofinvestments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recentlycompleted federal income tax reporting period-end.









Sold: Class A 3,237,413 $ 35,628,479 4,750,132 $ 50,511,609

Class A2 6,122 67,141 25,206 266,420

Class Y 1,758,016 19,317,180 3,921,203 41,706,136

Class R5 938,992 10,399,522 266,930 2,798,633

Class R6 2,732,108 29,945,850 4,359,471 46,067,170

Issued as reinvestment of dividends: Class A 27,608 301,749 38,963 403,271

Class A2 5,478 59,897 14,592 150,779

Class Y 16,846 184,247 24,209 253,461

Class R5 1,643 17,970 2,318 24,402

Class R6 195,033 2,132,853 511,986 5,284,702

Reacquired: Class A (937,568) (10,330,090) (2,110,472) (22,139,597)

Class A2 (117,500) (1,301,626) (191,692) (2,026,493)

Class Y (365,536) (4,031,317) (2,567,460) (27,284,851)

Class R5 (23,043) (255,908) (65,146) (682,848)

Class R6 (2,654,668) (29,361,685) (13,496,433) (141,303,663)

Net increase (decrease) in share activity 4,820,944 $ 52,774,262 (4,516,193) $ (45,970,869)

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstandingshares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments tothese entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but notlimited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as towhether all or any portion of the shares owned of record by these entities are also owned beneficially.


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Actual expenses







Class A $1,000.00 $1,034.50 $2.82 $1,022.43 $2.80 0.55%Class A2 1,000.00 1,035.00 2.31 1,022.94 2.29 0.45 Class Y 1,000.00 1,035.80 1.54 1,023.69 1.53 0.30

Class R5 1,000.00 1,036.70 1.54 1,023.69 1.53 0.30 Class R6 1,000.00 1,035.90 1.33 1,023.89 1.33 0.26




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoShort Duration Inflation Protected Fund’s (theFund) Master Investment Advisory Agreementwith Invesco Advisers, Inc. (Invesco Advisersand the investment advisory agreement) andthe Master Intergroup Sub-Advisory Contractfor Mutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determined thatthe compensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts.

As part of the contract renewal process, theBoard reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal process to ensurethey are negotiated in a manner that is atarms’ length and reasonable. In addition to

meetings with Invesco Advisers and fundcounsel throughout the year and as part ofmeetings convened on April 27, 2021 andJune 10, 2021, the independent Trustees alsodiscussed the continuance of the investmentadvisory agreement and sub-advisorycontracts in separate sessions with the SeniorOfficer and with independent legal counsel.



The Board reviewed the nature, extent andquality of the advisory services provided to theFund by Invesco Advisers under the Fund’sinvestment advisory agreement, and thecredentials and experience of the officers andemployees of Invesco Advisers who providethese services, including the Fund’s portfoliomanager(s). The Board’s review includedconsideration of Invesco Advisers’ investmentprocess and oversight, credit analysis, andresearch capabilities. The Board consideredinformation regarding Invesco Advisers’programs for and resources devoted to riskmanagement, including management ofinvestment, enterprise, operational, liquidity,valuation and compliance risks, and technologyused to manage such risks. The Board alsoreceived and reviewed information aboutInvesco Advisers’ role as administrator of theInvesco Funds’ liquidity risk managementprogram. The Board received a description ofInvesco Advisers’ business continuity plansand of its approach to data privacy andcybersecurity, including related testing. TheBoard considered how the cybersecurity andbusiness continuity plans of Invesco Advisersand its key service providers operated in theincreased remote working environmentresulting from the novel coronavirus(“COVID-19”) pandemic. The Board alsoconsidered non-advisory services that InvescoAdvisers and its affiliates provide to theInvesco Funds, such as various back officesupport functions, third party oversight, internalaudit, valuation, portfolio trading and legal andcompliance. The Board observed that InvescoAdvisers has been able to effectively manage,operate and oversee the Invesco Fundsthrough the challenging COVID-19 pandemicperiod. The Board reviewed and consideredthe benefits to shareholders of investing in aFund that is part of the family of funds underthe umbrella of Invesco Ltd., Invesco Advisers’parent company, and

noted Invesco Ltd.’s depth and experience inrunning an investment managementbusiness, as well as its commitment offinancial and other resources to suchbusiness. The Board concluded that thenature, extent and quality of the servicesprovided to the Fund by Invesco Advisers areappropriate and satisfactory.


The Board noted that the Fund hadchanged its name and investment strategyand tracks a new broad based securitiesmarket benchmark index as of December 31,2015. The Broadridge materials prior to the2016 calendar year were with respect to theFund’s prior investment strategy. The Boardcompared the Fund’s investmentperformance over multiple time periodsending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against the IceBofA 1-5 Year US Inflation-Linked TreasuryIndex (Index). The Board noted thatperformance of Class A shares of the Fundwas in the fifth quintile of its performanceuniverse for the one, three and five yearperiods (the first quintile being the bestperforming funds and the fifth quintile beingthe worst performing funds). The Board notedthat performance of Class A shares of theFund was below the performance of the Indexfor the one, three and five year periods. TheBoard noted that the Funds primarily seeks totrack the investment results of the Index, andthat the Fund’s performance will typically lagthe Index due to the fees associated with theFund. The Board acknowledged limitationsregarding the Broadridge data, in particularthat differences may exist between a Fund’sinvestment objective, principal investmentstrategies and/or investment restrictions andthose of its performance peer funds andspecifically that the Fund’s peer groupincludes funds that are actively managed ormay track a different index than the

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Fund. The Board noted that because theFund isprimarily passively managed using anindexing approach, it may lag its activelymanaged peers. The Board recognized thatthe performance data reflects a snapshot intime as of a particular date and that selectinga different performance period could producedifferent results. The Board also reviewedmore recent Fund performance as well asother performance metrics, which did notchange its conclusions.C. Advisory and Sub-Advisory Fees and Fund

ExpensesThe Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual management fee rate forClass A shares of the Fund was below themedian contractual management fee rate offunds in its expense group. The Board notedthat the term “contractual management fee”for funds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information, whichincludes using each fund’s contractualmanagement fee schedule (including anyapplicable breakpoints) as reported in themost recent prospectus or statement ofadditional information for each fund in theexpense group. The Board also consideredcomparative information regarding the Fund’stotal expense ratio and its variouscomponents.



The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefits fromeconomies of scale through contractualbreakpoints in the Fund’s advisory feeschedule, which generally operate to reducethe Fund’s expense ratio as it grows in size.The Board requested and received additionalinformation from Invesco Advisers regardingthe levels of the Fund’s breakpoints in light ofcurrent assets. The Board noted that theFund also shares in economies of scalethrough Invesco Advisers’ ability to negotiatelower fee arrangements with third partyservice providers. The Board noted that theFund may also benefit from economies ofscale through initial fee setting, fee waiversand expense reimbursements, as well asInvesco Advisers’ investment in its business,including investments in businessinfrastructure, technology and cybersecurity.

E. Profitability and Financial ResourcesThe Board reviewed information from InvescoAdvisers concerning the costs of the advisoryand other services that Invesco Advisers andits affiliates provide to the Fund and theInvesco Funds and the profitability of InvescoAdvisers and its affiliates in providing theseservices in the aggregate and on an individualFund-by-Fund basis. The Board considered themethodology used for calculating profitabilityand noted that such methodology had recentlybeen reviewed and enhanced. The Boardnoted that Invesco Advisers continues tooperate at a net profit from services InvescoAdvisers and its affiliates provide to theInvesco Funds in the aggregate and to mostFunds individually. The Board did not deem thelevel of profits realized by Invesco Advisersand its affiliates from providing such services tobe excessive, given the nature, extent andquality of the services provided. The Boardnoted that Invesco Advisers providedinformation demonstrating that InvescoAdvisers is financially sound and has theresources necessary to perform its obligationsunder the investment advisory agreement, andprovided representations indicating that theAffiliated Sub-Advisers are financially soundand have the resources necessary to performtheir obligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its



The Board considered that the Fund’suninvested cash and cash collateral from anysecurities lending arrangements may beinvested in registered money market funds or,with regard to securities lending cashcollateral, unregistered funds that comply withRule 2a-7 (collectively referred to as “affiliatedmoney market funds”) advised by InvescoAdvisers. The Board considered informationregarding the returns of the affiliated moneymarket funds relative to comparable overnightinvestments, as well as the fees paid by theaffiliated money market funds to InvescoAdvisers and its affiliates. In this regard, theBoard noted that Invesco Advisers receivesadvisory fees from these affiliated moneymarket funds attributable to the Fund’sinvestments. The Board also noted thatInvesco Advisers has contractually agreed towaive through varying periods an amountequal to 100% of the net advisory fee InvescoAdvisers receives from the affiliated moneymarket

funds with respect to the Fund’s investment inthe affiliated money market funds ofuninvested cash, but not cash collateral. TheBoard concluded that the advisory feespayable to Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are for servicesthat are not duplicative of services providedby Invesco Advisers to the Fund.

The Board also received information aboutcommissions that an affiliated broker mayreceive for executing certain trades for theFund. Invesco Advisers and the AffiliatedSub-Advisers advised the Board of thebenefits to the Fund of executing tradesthrough the affiliated broker and that suchtrades were executed in compliance withrules under the federal securities laws andconsistent with best execution obligations.

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SEC file number(s): 811-05686 and 003-39519 Invesco Distributors, Inc. SDIP-SAR-1

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209933 EDG 1INVESCOSHORT TERM BOND



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Invesco Short Term Bond FundNasdaq: A: STBAX ∎ C: STBCX ∎ R: STBRX ∎ Y: STBYX ∎ R5: ISTBX ∎ R6: ISTFX


For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, includingsales charges and expenses. Investors should read it carefully before investing. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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Fund Performance

Performance summary

Fund vs. Indexes Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does notinclude applicable contingent deferred sales charges (CDSC) or front-end sales charges, which wouldhave reduced performance.

Class A Shares 0.30% Class C Shares 0.14 Class R Shares 0.13 Class Y Shares 0.38 Class R5 Shares 0.42 Class R6 Shares 0.44 Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index) 1.49 Bloomberg 1-3 Year Government/Credit Index▼ (Style-Specific Index) 0.17 Lipper Short Investment Grade Debt Funds Index∎ (Peer Group Index) 0.52 Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index consideredrepresentative of the US investment-grade, fixed-rate bond market.

The Bloomberg 1-3 Year Government/Credit Index is an unmanaged index consideredrepresentative of short-term US corporate and US government bonds with maturities of oneto three years.

The Lipper Short Investment Grade Debt Funds Index is an unmanaged indexconsidered representative of short investment-grade debt funds tracked by Lipper.





2 Invesco Short Term Bond Fund

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Average Annual Total Returns As of 8/31/21, including maximum applicable sales charges

Class A Shares Inception (4/30/04) 1.95% 10 Years 1.84 5 Years 1.68 1 Year -0.99

Class C Shares Inception (8/30/02) 2.06% 10 Years 1.80 5 Years 1.83 1 Year 1.17

Class R Shares Inception (4/30/04) 1.80% 10 Years 1.75 5 Years 1.86 1 Year 1.18

Class Y Shares Inception (10/3/08) 2.42% 10 Years 2.25 5 Years 2.35 1 Year 1.69

Class R5 Shares Inception (4/30/04) 2.34% 10 Years 2.30 5 Years 2.43 1 Year 1.78

Class R6 Shares 10 Years 2.29% 5 Years 2.47 1 Year 1.82

Class R6 shares incepted on September 24, 2012.Performance shown prior to that date is that of Class C sharesand includes the 12b-1 fees applicable to Class C shares. The performance data quoted represent past performanceand cannot guarantee future results; current performancemay be lower or higher. Please visit invesco.com/performance for the most recent month-end performance.Performance figures reflect reinvested distributions, changesin net asset value and the effect of the maximum sales chargeunless otherwise stated. Performance figures do not reflectdeduction of taxes a shareholder would pay on Funddistributions or sale of Fund shares. Investment return andprincipal value will fluctuate so that you may have a gain orloss when you sell shares. Class A share performance reflects the maximum 2.50%sales charge. Class C, Class R, Class Y, Class R5 andClass R6 shares do not have a front-end sales charge or aCDSC; therefore, performance is at net asset value. The performance of the Fund’s share classes will differprimarily due to different sales charge structures and classexpenses. Fund performance reflects any applicable fee waiversand/or expense reimbursements. Had the adviser not waivedfees and/or reimbursed expenses currently or in

the past, returns would have been lower. See currentprospectus for more information.

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In compliance with Rule 22e-4 under the Investment CompanyAct of 1940, as amended (the “Liquidity Rule”), the Fund hasadopted and implemented a liquidity risk management programin accordance with the Liquidity Rule (the “Program”). TheProgram is reasonably designed to assess and manage theFund’s liquidity risk, which is the risk that the Fund could notmeet redemption requests without significant dilution ofremaining investors’ interests in the Fund. The Board of Trusteesof the Fund (the “Board”) has appointed Invesco Advisers, Inc.(“Invesco”), the Fund’s investment adviser, as the Program’sadministrator, and Invesco has delegated oversight of theProgram to the Liquidity Risk Management Committee (the“Committee”), which is composed of senior representatives fromrelevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policiesand procedures providing for an assessment, no less frequentlythan annually, of the Fund’s liquidity risk that takes into account,as relevant to the Fund’s liquidity risk: (1) the Fund’s investmentstrategy and liquidity of portfolio investments during both normaland reasonably foreseeable stressed conditions; (2) short-termand long-term cash flow projections for the Fund during bothnormal and reasonably foreseeable stressed conditions; and(3) the Fund’s holdings of cash and cash equivalents and anyborrowing arrangements. The Liquidity Rule also requires theclassification of the Fund’s investments into categories thatreflect the assessment of their relative liquidity under currentmarket conditions. The Fund classifies its investments into oneof four categories defined in the Liquidity Rule: “Highly Liquid,”“Moderately Liquid,” “Less Liquid,” and “Illiquid. Funds that arenot invested primarily in “Highly Liquid Investments” that areassets (cash or investments that are reasonably expected to beconvertible into cash within three business days withoutsignificantly changing the market value of the investment) arerequired to establish a “Highly Liquid Investment Minimum”(“HLIM”), which is the minimum percentage of net assets thatmust be invested in Highly Liquid Investments. Funds withHLIMs have procedures for addressing HLIM shortfalls, includingreporting to the Board and the SEC (on a non-public basis) asrequired by the Program and the Liquidity Rule. In addition, theFund may not acquire an investment if, immediately after theacquisition, over 15% of the Fund’s net assets would consist of“Illiquid Investments” that are assets (an investment that cannotreasonably be expected to be sold or disposed of in currentmarket conditions in seven calendar days or less

without the sale or disposition significantly changing the marketvalue of the investment). The Liquidity Rule and the Program alsorequire reporting to the Board and the SEC (on a non-publicbasis) if a Fund’s holdings of Illiquid Investments exceed 15% ofthe Fund’s assets.

At a meeting held on March 22-24, 2021, the Committeepresented a report to the Board that addressed the operation ofthe Program and assessed the Program’s adequacy andeffectiveness of implementation (the “Report”). The Reportcovered the period from January 1, 2020 through December 31,2020 (the “Program Reporting Period”). The Report discussednotable events affecting liquidity over the Program ReportingPeriod, including the impact of the coronavirus pandemic on theFund and the overall market. The Report noted that there were nomaterial changes to the Program during the Program ReportingPeriod.The Report stated, in relevant part, that during the ProgramReporting Period:

∎ The Program, as adopted and implemented, remained reasonablydesigned to assess and manage the Fund’s liquidity risk and wasoperated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for anopen-end fund;

∎ The Fund was able to meet requests for redemption withoutsignificant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments;and

∎ The Fund primarily held Highly Liquid Investments and thereforehas not adopted an HLIM.

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See accompanying Notes to Financial Statements which are an integral part of the financial statements. 5 Invesco Short Term Bond Fund


U.S. Dollar Denominated Bonds & Notes–69.53%Advertising–0.21% Interpublic Group of Cos., Inc.

(The), 4.20%, 04/15/2024 $ 2,219,000 $ 2,407,176WPP Finance 2010 (United

Kingdom), 3.75%, 09/19/2024 3,791,000 4,113,275 6,520,451

Aerospace & Defense–1.87% Boeing Co. (The),

1.17%, 02/04/2023 5,077,000 5,081,1531.95%, 02/01/2024 14,400,000 14,768,6271.43%, 02/04/2024 6,760,000 6,775,5192.75%, 02/01/2026 10,499,000 10,978,6642.20%, 02/04/2026 6,965,000 6,993,597

Huntington Ingalls Industries,Inc., 0.67%, 08/16/2023(b) 5,001,000 5,004,589

L3Harris Technologies, Inc.,3.85%, 06/15/2023 3,686,000 3,898,476

Textron, Inc., 4.30%, 03/01/2024 4,114,000 4,450,565 57,951,190

Agricultural & Farm Machinery–0.16% CNH Industrial Capital LLC,

1.45%, 07/15/2026 4,999,000 5,000,588

Agricultural Products–0.25% Archer-Daniels-Midland Co.,

2.75%, 03/27/2025 706,000 751,866Bunge Ltd. Finance Corp.,

4.35%, 03/15/2024 3,883,000 4,211,6531.63%, 08/17/2025(c) 2,607,000 2,649,349

7,612,868

Airlines–1.40% British Airways Pass-Through

Trust (United Kingdom),Series 2019-1, Class A,3.35%, 06/15/2029(b) 962,821 968,292

Delta Air Lines Pass-ThroughTrust, Series 2019-1, Class A,3.40%, 04/25/2024 1,852,000 1,908,644

Delta Air Lines, Inc./SkyMiles IPLtd., 4.50%, 10/20/2025(b) 26,177,000 28,086,658

United Airlines Pass ThroughTrust, Series 2016-2, Class B,3.65%, 10/07/2025 2,438,206 2,435,647Series 2020-1, Class A,5.88%, 10/15/2027 7,727,722 8,636,993

United Airlines, Inc., 4.38%,04/15/2026(b) 1,404,000 1,459,289

43,495,523

Apparel Retail–0.39% Ross Stores, Inc.,

3.38%, 09/15/2024 2,568,000 2,733,7284.60%, 04/15/2025 8,456,000 9,494,977

12,228,705


Apparel, Accessories & Luxury Goods–0.11%Hanesbrands, Inc., 4.63%,

05/15/2024(b) $ 3,232,000 $ 3,434,000

Asset Management & Custody Banks–0.23% Ameriprise Financial, Inc.,

3.00%, 03/22/2022 3,000,000 3,047,1423.00%, 04/02/2025 1,497,000 1,598,900

Apollo Management HoldingsL.P., 4.95%, 01/14/2050(b)(d) 2,475,000 2,574,264

7,220,306

Automobile Manufacturers–4.75%BMW Finance N.V. (Germany),

2.40%, 08/14/2024(b) 5,547,000 5,811,885Daimler Finance North America

LLC (Germany), 2.70%,06/14/2024(b) 5,270,000 5,541,844

Ford Motor Credit Co. LLC, 1.00% (3 mo. USD LIBOR +0.88%), 10/12/2021(e) 6,243,000 6,243,2243.81%, 10/12/2021 6,654,000 6,665,4455.60%, 01/07/2022 4,592,000 4,657,8953.09%, 01/09/2023 3,285,000 3,350,7002.70%, 08/10/2026 10,647,000 10,763,585

General Motors Financial Co.,Inc., 4.20%, 11/06/2021 9,339,000 9,404,6070.81% (SOFR + 0.76%),03/08/2024(e) 4,614,000 4,655,8361.05%, 03/08/2024 5,999,000 6,038,289

Harley-Davidson FinancialServices, Inc., 3.35%,06/08/2025(b) 4,786,000 5,090,545

Hyundai Capital America, 3.95%, 02/01/2022(b) 16,000,000 16,226,6053.10%, 04/05/2022(b)(c) 6,011,000 6,102,8442.85%, 11/01/2022(b) 6,667,000 6,842,1575.75%, 04/06/2023(b) 7,402,000 7,984,6315.88%, 04/07/2025(b) 6,208,000 7,157,121

Kia Corp. (South Korea), 1.00%, 04/16/2024(b) 8,761,000 8,789,2191.75%, 10/16/2026(b) 1,064,000 1,075,933

Nissan Motor Co. Ltd. (Japan),3.04%, 09/15/2023(b) 7,361,000 7,672,273

Toyota Motor Corp. (Japan),2.36%, 07/02/2024(c) 3,697,000 3,881,073

Toyota Motor Credit Corp.,0.80%, 10/16/2025 13,170,000 13,103,074

147,058,785

Automotive Retail–0.16% AutoZone, Inc., 3.63%,

04/15/2025(c) 4,557,000 4,964,701

Biotechnology–0.99% AbbVie, Inc.,

2.30%, 11/21/2022 4,437,000 4,539,1233.85%, 06/15/2024 7,600,000 8,209,4232.60%, 11/21/2024 13,231,000 13,945,330

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Biotechnology–(continued) Shire Acquisitions Investments

Ireland DAC, 2.88%,09/23/2023 $ 3,791,000 $ 3,960,063

30,653,939

Broadcasting–0.05% Fox Corp.,

4.03%, 01/25/2024 1,180,000 1,272,0243.05%, 04/07/2025 360,000 385,039

1,657,063

Building Products–0.06% North Queensland Export

Terminal Pty. Ltd. (Australia),4.45%, 12/15/2022(b) 1,916,000 1,840,206

Cable & Satellite–0.37% Charter Communications

Operating LLC/CharterCommunications OperatingCapital Corp., 4.50%,02/01/2024 3,696,000 4,014,062

Comcast Corp., 3.30%,04/01/2027 5,320,000 5,857,780

Sirius XM Radio, Inc., 3.13%,09/01/2026(b) 1,595,000 1,627,219

11,499,061

Computer & Electronics Retail–0.44% Dell International LLC/EMC

Corp., 4.00%, 07/15/2024 8,518,000 9,249,417Leidos, Inc.,

2.95%, 05/15/2023(c) 3,077,000 3,188,8033.63%, 05/15/2025 1,227,000 1,329,540

13,767,760

Construction Machinery & Heavy Trucks–0.26%nVent Finance S.a.r.l. (United

Kingdom), 3.95%, 04/15/2023 4,000,000 4,177,318Wabtec Corp., 4.40%,

03/15/2024 3,698,000 3,988,216 8,165,534

Consumer Finance–0.45% Ally Financial, Inc., 1.45%,

10/02/2023 3,982,000 4,043,794Capital One Financial Corp.,

3.20%, 01/30/2023 3,882,000 4,028,261Discover Bank, 2.45%,

09/12/2024 2,450,000 2,560,301Synchrony Financial, 4.25%,

08/15/2024 3,179,000 3,451,724 14,084,080

Data Processing & Outsourced Services–0.66%Fiserv, Inc., 3.80%, 10/01/2023 3,699,000 3,944,753Global Payments, Inc., 4.00%,

06/01/2023 4,619,000 4,886,021PayPal Holdings, Inc., 2.20%,

09/26/2022 5,231,000 5,341,115Square, Inc., 2.75%,

06/01/2026(b) 6,014,000 6,195,743 20,367,632


Distillers & Vintners–0.14% Pernod Ricard S.A. (France),

4.25%, 07/15/2022(b) $ 4,343,000 $ 4,486,809

Diversified Banks–9.98% Banco Bilbao Vizcaya

Argentaria S.A. (Spain), 0.88%, 09/18/2023 5,350,000 5,376,301 1.13%, 09/18/2025 6,895,000 6,861,355

Banco del Estado de Chile(Chile), 2.70%, 01/09/2025(b) 6,415,000 6,703,803

Banco Santander S.A. (Spain),0.70%, 06/30/2024(d) 10,200,000 10,233,156

Bank of America Corp., 3.00%, 12/20/2023(d) 2,569,000 2,653,188 3.86%, 07/23/2024(d) 4,528,000 4,801,684 1.20%, 10/24/2026(d) 15,000,000 14,941,457

Bank of Ireland Group PLC(Ireland), 4.50%,11/25/2023(b) 2,997,000 3,232,726

Bank of Montreal (Canada),Series E, 3.30%, 02/05/2024 3,105,000 3,312,168

Bank of Nova Scotia (The)(Canada), 0.60% (SOFR +0.55%), 03/02/2026(e) 20,000,000 20,108,850

Banque Federative du CreditMutuel S.A. (France), 0.65%,02/27/2024(b)(c) 4,545,000 4,548,825

Barclays PLC (UnitedKingdom), 1.55% (3 mo. USD LIBOR +1.43%), 02/15/2023(e) 5,954,000 5,987,889 1.01%, 12/10/2024(d) 4,270,000 4,291,442

BBVA Bancomer S.A. (Mexico),1.88%, 09/18/2025(b) 3,375,000 3,419,719

BBVA USA, 2.50%, 08/27/2024 3,183,000 3,351,650 Citigroup, Inc.,

0.78%, 10/30/2024(d) 18,000,000 18,064,746 0.98%, 05/01/2025(c)(d) 7,499,000 7,534,885 1.39% (3 mo. USD LIBOR +1.25%), 07/01/2026(c)(e) 15,308,000 15,779,065 Series V, 4.70%(d)(f) 3,790,000 3,961,971

Citizens Bank N.A., 2.65%,05/26/2022 3,881,000 3,942,184

Credit Agricole S.A. (France),3.38%, 01/10/2022(b) 3,327,000 3,364,128

Danske Bank A/S (Denmark), 3.00%, 09/20/2022(b)(d) 3,281,000 3,284,968 1.18% (3 mo. USD LIBOR +1.06%), 09/12/2023(b)(e) 5,898,000 5,964,395 3.24%, 12/20/2025(b)(d) 1,779,000 1,892,096

Federation des CaissesDesjardins du Quebec(Canada), 2.05%,02/10/2025(b) 4,334,000 4,489,910

Global Bank Corp. (Panama),4.50%, 10/20/2021(b) 6,500,000 6,531,619

HSBC Holdings PLC (UnitedKingdom), 3.95%, 05/18/2024(d) 2,956,000 3,126,320 0.73%, 08/17/2024(d) 8,555,000 8,573,690 0.98%, 05/24/2025(d) 2,704,000 2,706,125

Industrial & Commercial Bankof China Ltd. (China), 2.96%,11/08/2022 905,000 929,530

ING Groep N.V. (Netherlands),1.06% (SOFR + 1.01%),04/01/2027(e) 8,913,000 9,029,744

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Diversified Banks–(continued) JPMorgan Chase & Co.,

2.78%, 04/25/2023(d) $ 3,885,000 $ 3,947,227 Series HH, 4.60%(d)(f) 5,455,000 5,683,837 Series V, 3.46% (3 mo. USDLIBOR + 3.32%)(e)(f) 1,390,000 1,392,965

Lloyds Banking Group PLC(United Kingdom), 2.91%,11/07/2023(d) 3,515,000 3,612,486

Mizuho Financial GroupCayman 3 Ltd. (Japan),4.60%, 03/27/2024(b) 6,500,000 7,077,953

Mizuho Financial Group, Inc.(Japan), 1.24%,07/10/2024(d) 4,000,000 4,051,258

National Bank of Canada(Canada), 0.55%,11/15/2024(d) 3,595,000 3,592,081

NatWest Markets PLC (UnitedKingdom), 0.58% (SOFR + 0.53%),08/12/2024(b)(e) 1,429,000 1,434,633 0.80%, 08/12/2024(b) 3,000,000 2,999,419

Nordea Bank Abp (Finland),1.00%, 06/09/2023(b) 3,704,000 3,750,899

PNC Bank N.A., 0.55%(3 mo. USD LIBOR +0.43%), 12/09/2022(e) 8,000,000 8,003,885

Royal Bank of Canada(Canada), 0.50%, 10/26/2023 8,824,000 8,848,028 0.58% (SOFR + 0.53%),01/20/2026(c)(e) 8,000,000 8,057,603

Skandinaviska EnskildaBanken AB (Sweden),0.76% (3 mo. USD LIBOR +0.65%), 12/12/2022(b)(e) 5,559,000 5,601,109

Societe Generale S.A.(France), 1.49%,12/14/2026(b)(d) 5,361,000 5,334,623

Standard Chartered PLC(United Kingdom), 1.28% (3 mo. USD LIBOR +1.15%), 01/20/2023(b)(e) 1,379,000 1,384,494 1.32%, 10/14/2023(b)(d) 2,523,000 2,542,696 0.99%, 01/12/2025(b)(d) 4,449,000 4,445,211 1.21%, 03/23/2025(b)(d) 2,983,000 2,998,095

Sumitomo Mitsui Trust BankLtd. (Japan), 0.80%, 09/12/2023(b) 4,436,000 4,473,908 0.85%, 03/25/2024(b)(c) 5,712,000 5,740,838 1.05%, 09/12/2025(b) 3,844,000 3,830,450 1.55%, 03/25/2026(b) 2,801,000 2,842,860

UBS AG (Switzerland), 1.75%,04/21/2022(b) 6,583,000 6,641,655

Wells Fargo & Co., 0.81%,05/19/2025(c)(d) 1,749,000 1,756,980

309,044,782

Diversified Capital Markets–1.58% Credit Suisse AG

(Switzerland), 2.80%, 04/08/2022 2,795,000 2,839,617 1.00%, 05/05/2023 6,818,000 6,890,450 0.44% (SOFR + 0.39%),02/02/2024(e) 9,086,000 9,091,505 2.95%, 04/09/2025 2,512,000 2,683,850

Credit Suisse Group AG(Switzerland), 3.57%, 01/09/2023(b) 6,700,000 6,773,364 2.59%, 09/11/2025(b)(d) 3,699,000 3,850,926 1.31%, 02/02/2027(b)(d) 9,600,000 9,454,359


Diversified Capital Markets–(continued) Macquarie Group Ltd.

(Australia), 3.19%,11/28/2023(b)(c)(d) $ 4,342,000 $ 4,484,417

UBS AG (Switzerland), 0.70%,08/09/2024(b)(c) 2,855,000 2,858,153

48,926,641

Electric Utilities–2.63% Alabama Power Co.,

Series 17-A, 2.45%,03/30/2022 3,515,000 3,553,191

Alliant Energy Finance LLC,3.75%, 06/15/2023(b) 3,696,000 3,897,599

EDP Finance B.V. (Portugal),3.63%, 07/15/2024(b) 3,835,000 4,112,023

Eversource Energy, Series Q,0.80%, 08/15/2025 2,148,000 2,124,009

Exelon Corp., 3.50%,06/01/2022 7,373,000 7,525,634

Exelon Generation Co. LLC,3.25%, 06/01/2025 4,676,000 5,028,288

FirstEnergy Corp., Series B,4.75%, 03/15/2023 3,606,000 3,759,075

NextEra Energy CapitalHoldings, Inc., 0.59% (SOFR + 0.54%),03/01/2023(e) 3,704,000 3,717,746 0.65%, 03/01/2023 11,428,000 11,475,936 3.15%, 04/01/2024(c) 4,624,000 4,901,813 2.75%, 05/01/2025 1,904,000 2,021,082

NextEra Energy OperatingPartners L.P., 4.25%,09/15/2024(b) 375,000 395,794

NRG Energy, Inc., 3.75%,06/15/2024(b) 3,926,000 4,189,084

Pacific Gas and Electric Co.,1.75%, 06/16/2022 13,800,000 13,796,556

Southern Co. (The), Series21-A, 3.75%, 09/15/2051(d) 3,069,000 3,146,032

Southern Power Co., 0.90%,01/15/2026 2,926,000 2,885,516

Southwestern Electric PowerCo., 3.55%, 02/15/2022 2,000,000 2,013,176

Vistra Operations Co. LLC,3.55%, 07/15/2024(b) 2,772,000 2,933,183

81,475,737

Electronic Equipment & Instruments–0.07% Vontier Corp., 1.80%,

04/01/2026(b) 2,220,000 2,225,239

Environmental & Facilities Services–0.13% Republic Services, Inc., 0.88%,

11/15/2025 4,000,000 3,964,715

Fertilizers & Agricultural Chemicals–0.23% CF Industries, Inc., 3.45%,

06/01/2023 3,244,000 3,412,364 Nutrien Ltd. (Canada), 3.50%,

06/01/2023 3,511,000 3,667,499 7,079,863

Financial Exchanges & Data–0.75% Intercontinental Exchange, Inc.,

0.70%, 06/15/2023 4,532,000 4,556,822 0.77% (3 mo. USD LIBOR +0.65%), 06/15/2023(e) 10,000,000 10,008,475

Moody’s Corp., 2.63%,01/15/2023(c) 6,101,000 6,276,227

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Financial Exchanges & Data–(continued) Nasdaq, Inc., 0.45%,

12/21/2022 $ 2,273,000 $ 2,273,382 23,114,906

Food Retail–0.27% Albertson’s Cos., Inc./Safeway,

Inc./New Albertson’sL.P./Albertson’s LLC, 3.50%,02/15/2023(b) 2,922,000 3,010,215

Kroger Co. (The), 2.95%, 11/01/2021(c) 2,824,000 2,830,236 2.80%, 08/01/2022 2,357,000 2,406,563

8,247,014

Gas Utilities–0.84% East Ohio Gas Co. (The),

1.30%, 06/15/2025(b) 3,609,000 3,640,822 ONE Gas, Inc.,

0.73% (3 mo. USD LIBOR +0.61%), 03/11/2023(e) 2,500,000 2,500,344 0.85%, 03/11/2023 10,777,000 10,778,008

Southern California Gas Co.,0.47% (3 mo. USD LIBOR +0.35%), 09/14/2023(e) 9,000,000 9,001,494

25,920,668

General Merchandise Stores–0.13% Dollar Tree, Inc., 3.70%,

05/15/2023 3,695,000 3,887,033

Gold–0.02% Newmont Corp., 3.70%,

03/15/2023 565,000 587,614

Health Care Distributors–0.34% McKesson Corp., 1.30%,

08/15/2026 10,477,000 10,464,700

Health Care Equipment–0.07% Becton, Dickinson and Co.,

3.36%, 06/06/2024 2,094,000 2,236,681

Health Care Facilities–0.14% HCA, Inc., 5.38%, 02/01/2025 3,756,000 4,237,275

Health Care REITs–0.29% Ventas Realty L.P., 2.65%,

01/15/2025 3,928,000 4,120,302 Welltower, Inc., 3.63%,

03/15/2024 4,623,000 4,938,208 9,058,510

Health Care Services–0.28% Cigna Corp., 3.75%,

07/15/2023 2,581,000 2,734,444 CVS Health Corp., 2.63%,

08/15/2024 3,619,000 3,817,093 Fresenius Medical Care US

Finance III, Inc. (Germany),1.88%, 12/01/2026(b)(c) 2,121,000 2,142,153

8,693,690

Homebuilding–0.57% D.R. Horton, Inc., 4.75%,

02/15/2023 4,820,000 5,058,504


Homebuilding–(continued) Lennar Corp.,

4.13%, 01/15/2022 $ 2,125,000 $ 2,136,794 4.75%, 11/15/2022 4,200,000 4,362,750 4.88%, 12/15/2023 5,000,000 5,409,400

Toll Brothers Finance Corp.,4.88%, 11/15/2025 502,000 566,005

17,533,453

Hotels, Resorts & Cruise Lines–0.65% Expedia Group, Inc.,

3.60%, 12/15/2023 4,537,000 4,816,222 4.63%, 08/01/2027 13,553,000 15,337,031

20,153,253

Housewares & Specialties–0.03% Newell Brands, Inc., 4.35%,

04/01/2023 743,000 784,660

Independent Power Producers & Energy Traders–0.25% AES Corp. (The), 1.38%,

01/15/2026 7,870,000 7,830,609

Industrial Conglomerates–0.06% Roper Technologies, Inc.,

1.00%, 09/15/2025 1,832,000 1,828,589

Industrial Machinery–0.12% Weir Group PLC (The) (United

Kingdom), 2.20%,05/13/2026(b) 3,757,000 3,801,126

Insurance Brokers–0.09% Marsh & McLennan Cos., Inc.,

3.88%, 03/15/2024 2,665,000 2,876,526

Integrated Oil & Gas–1.55% Exxon Mobil Corp., 2.99%,

03/19/2025 5,582,000 5,974,267 Gray Oak Pipeline LLC,

2.00%, 09/15/2023(b) 9,333,000 9,520,271 2.60%, 10/15/2025(b) 6,070,000 6,254,822

SA Global Sukuk Ltd. (SaudiArabia), 0.95%, 06/17/2024(b) 3,107,000 3,096,716

Saudi Arabian Oil Co. (SaudiArabia), 2.75%, 04/16/2022(b) 14,633,000 14,849,217 2.88%, 04/16/2024(b) 7,791,000 8,169,245

47,864,538

Integrated Telecommunication Services–1.33% AT&T, Inc.,

0.69% (SOFR + 0.64%),03/25/2024(e) 4,711,000 4,721,737 1.30% (3 mo. USD LIBOR +1.18%), 06/12/2024(e) 2,732,000 2,804,530

British TelecommunicationsPLC (United Kingdom),4.50%, 12/04/2023 3,771,000 4,082,447

Verizon Communications, Inc., 0.55% (SOFR + 0.50%),03/22/2024(e) 3,472,000 3,496,994 0.75%, 03/22/2024 6,000,000 6,024,322 0.85%, 11/20/2025 8,426,000 8,367,333 1.45%, 03/20/2026(c) 11,601,000 11,759,111

41,256,474

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Interactive Media & Services–0.55% Tencent Holdings Ltd. (China),

2.99%, 01/19/2023(b) $ 4,039,000 $ 4,161,285 3.28%, 04/11/2024(b)(c) 10,000,000 10,612,597 1.81%, 01/26/2026(b) 2,242,000 2,270,600

17,044,482

Internet & Direct Marketing Retail–0.18% Meituan (China), 2.13%,

10/28/2025(b) 5,622,000 5,493,012

Internet Services & Infrastructure–0.09% VeriSign, Inc.,

5.25%, 04/01/2025 1,858,000 2,102,074 4.75%, 07/15/2027 583,000 616,511

2,718,585

Investment Banking & Brokerage–3.50% Cantor Fitzgerald L.P., 6.50%,

06/17/2022(b) 4,519,000 4,722,930 Goldman Sachs Group, Inc.

(The), 0.48%, 01/27/2023 6,250,000 6,251,772 0.48% (SOFR + 0.43%),03/08/2023(e) 12,507,000 12,513,367 2.91%, 06/05/2023(d) 4,620,000 4,706,345 0.63% (SOFR + 0.58%),03/08/2024(e) 8,497,000 8,523,593 0.84% (SOFR + 0.79%),12/09/2026(e) 11,447,000 11,467,892 1.09%, 12/09/2026(d) 5,384,000 5,344,584 0.86% (SOFR + 0.81%),03/09/2027(e) 15,315,000 15,326,393 0.87% (SOFR + 0.82%),09/10/2027(e) 1,000,000 999,640

Morgan Stanley, 2.75%, 05/19/2022 5,175,000 5,269,755 0.56%, 11/10/2023(d) 4,000,000 4,007,711 0.53%, 01/25/2024(d) 10,000,000 10,007,876 0.73%, 04/05/2024(d) 8,036,000 8,063,637 0.99%, 12/10/2026(c)(d) 7,408,000 7,321,103 Series I, 0.86%,10/21/2025(d) 2,942,000 2,942,529

National Securities ClearingCorp., 1.50%, 04/23/2025(b) 845,000 863,101

108,332,228

Leisure Products–0.13% Hasbro, Inc., 2.60%,

11/19/2022 3,860,000 3,959,630

Life & Health Insurance–4.16% Athene Global Funding,

1.20%, 10/13/2023(b) 8,205,000 8,314,127 0.95%, 01/08/2024(b)(c) 5,000,000 5,031,962 1.45%, 01/08/2026(b)(c) 3,086,000 3,111,678 2.95%, 11/12/2026(b)(c) 5,573,000 5,982,670

Brighthouse Financial GlobalFunding, 0.81% (SOFR + 0.76%),04/12/2024(b)(e) 4,000,000 4,031,185 1.00%, 04/12/2024(b) 2,857,000 2,880,625 1.55%, 05/24/2026(b) 4,616,000 4,667,571

Equitable Financial Life GlobalFunding, 0.44% (SOFR + 0.39%),04/06/2023(b)(e) 10,000,000 10,024,185 0.50%, 11/17/2023(b)(c) 6,667,000 6,673,725 0.80%, 08/12/2024(b) 8,571,000 8,590,967


Life & Health Insurance–(continued) GA Global Funding Trust,

1.00%, 04/08/2024(b) $ 8,609,000 $ 8,673,474 1.63%, 01/15/2026(b)(c) 1,387,000 1,412,877

New York Life Global Funding, 0.40% (3 mo. USD LIBOR +0.28%), 01/10/2023(b)(e) 35,000,000 35,098,733 0.27% (SOFR + 0.22%),02/02/2023(b)(e) 10,000,000 10,013,995

Principal Life Global Funding II,0.50%(SOFR + 0.45%),04/12/2024(b)(e) 2,941,000 2,949,385

Protective Life Global Funding,0.63%, 10/13/2023(b)(c) 2,539,000 2,551,263

Reliance Standard Life GlobalFunding II, 2.50%,10/30/2024(b) 8,350,000 8,714,669

128,723,091

Life Sciences Tools & Services–0.41% Illumina, Inc., 0.55%,

03/23/2023 12,766,000 12,784,828

Managed Health Care–0.37% Humana, Inc., 2.90%,

12/15/2022 3,835,000 3,950,578 UnitedHealth Group, Inc.,

2.38%, 08/15/2024 7,000,000 7,377,007 11,327,585

Metal & Glass Containers–0.15% Ball Corp., 4.88%,

03/15/2026(c) 846,000 950,693 Silgan Holdings, Inc., 1.40%,

04/01/2026(b) 3,903,000 3,847,909 4,798,602

Movies & Entertainment–0.80% Netflix, Inc.,

5.50%, 02/15/2022 3,852,000 3,933,431 5.75%, 03/01/2024 6,120,000 6,807,276 4.38%, 11/15/2026(c) 10,000,000 11,326,550

Tencent Music EntertainmentGroup (China), 1.38%,09/03/2025 2,695,000 2,670,318

24,737,575

Multi-line Insurance–0.05% American International Group,

Inc., 2.50%, 06/30/2025 1,586,000 1,668,351

Multi-Utilities–2.31% Ameren Corp., 2.50%,

09/15/2024 2,585,000 2,708,987 Black Hills Corp., 1.04%,

08/23/2024 15,999,000 16,025,215 CenterPoint Energy, Inc.,

0.70% (SOFR + 0.65%),05/13/2024(e) 4,918,000 4,925,698 2.50%, 09/01/2024 9,432,000 9,878,129

Dominion Energy, Inc., Series D, 0.65% (3 mo. USDLIBOR + 0.53%),09/15/2023(e) 8,846,000 8,851,755 3.07%, 08/15/2024(c)(g) 4,622,000 4,904,344

DTE Energy Co., Series H, 0.55%, 11/01/2022 10,856,000 10,886,120 Series C, 2.53%, 10/01/2024 4,809,000 5,041,185 Series F, 1.05%, 06/01/2025 4,413,000 4,405,263

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Multi-Utilities–(continued) PSEG Power LLC, 3.85%,

06/01/2023 $ 3,695,000 $ 3,901,962 71,528,658

Office REITs–0.28% Office Properties Income Trust,

4.25%, 05/15/2024 6,530,000 6,977,565 2.65%, 06/15/2026 1,639,000 1,673,556

8,651,121

Oil & Gas Equipment & Services–0.13% Schlumberger Holdings Corp.,

3.75%, 05/01/2024(b) 3,885,000 4,169,277

Oil & Gas Exploration & Production–1.12% Canadian Natural Resources

Ltd. (Canada), 2.95%,01/15/2023 3,836,000 3,958,623

Cimarex Energy Co., 4.38%,06/01/2024 3,694,000 3,994,535

Devon Energy Corp., 5.25%,10/15/2027(b) 9,117,000 9,702,156

Diamondback Energy, Inc.,0.90%, 03/24/2023 6,858,000 6,858,108

EQT Corp., 3.00%, 10/01/2022(c) 350,000 357,815 3.13%, 05/15/2026(b) 2,000,000 2,057,500

Galaxy Pipeline Assets BidcoLtd. (United Arab Emirates),2.16%, 03/31/2034(b) 3,169,000 3,161,585

Pioneer Natural ResourcesCo., 0.55%, 05/15/2023 4,679,000 4,676,785

34,767,107

Oil & Gas Refining & Marketing–0.12% Phillips 66,

3.70%, 04/06/2023 776,000 815,209 1.30%, 02/15/2026 3,024,000 3,024,029

3,839,238

Oil & Gas Storage & Transportation–4.37% Enbridge, Inc. (Canada),

2.90%, 07/15/2022 4,622,000 4,715,559 Energy Transfer L.P.,

4.25%, 03/15/2023 2,921,000 3,054,578 5.88%, 01/15/2024 3,787,000 4,175,271 2.90%, 05/15/2025 4,079,000 4,283,141 5.50%, 06/01/2027 29,551,000 34,907,396

Enterprise Products OperatingLLC, Series D, 4.88%,08/16/2077(d) 5,002,000 4,905,478

EQM Midstream Partners L.P.,4.75%, 07/15/2023 1,245,000 1,304,449

Kinder Morgan, Inc., 3.15%,01/15/2023 3,142,000 3,253,096

MPLX L.P., 1.22% (3 mo. USD LIBOR +1.10%), 09/09/2022(e) 7,522,000 7,521,818 3.50%, 12/01/2022 5,543,000 5,734,025 1.75%, 03/01/2026 10,912,000 11,054,930

ONEOK Partners L.P., 4.90%,03/15/2025 4,160,000 4,642,033

ONEOK, Inc., 4.25%, 02/01/2022 9,000,000 9,056,690 5.85%, 01/15/2026 3,715,000 4,365,381


Oil & Gas Storage & Transportation–(continued) Plains All American Pipeline

L.P./PAA Finance Corp.,3.85%, 10/15/2023 $ 3,884,000 $ 4,095,595

Tennessee Gas Pipeline Co.LLC, 7.00%, 10/15/2028 15,720,000 20,569,863

Western Midstream OperatingL.P., 2.23% (3 mo. USDLIBOR + 2.10%),01/13/2023(e) 3,208,000 3,200,633

Williams Cos., Inc. (The),3.35%, 08/15/2022 4,437,000 4,529,871

135,369,807

Other Diversified Financial Services–1.29% AIG Global Funding, 2.70%,

12/15/2021(b) 7,047,000 7,095,694 Blackstone Secured Lending

Fund, 2.75%, 09/16/2026 9,221,000 9,501,162 Equitable Holdings, Inc., 3.90%,

04/20/2023 3,004,000 3,163,975 LSEGA Financing PLC (United

Kingdom), 0.65%,04/06/2024(b) 9,181,000 9,186,225

Pershing Square Holdings Ltd.(Guernsey), 5.50%,07/15/2022(b) 7,000,000 7,243,362

USAA Capital Corp., 1.50%,05/01/2023(b) 3,698,000 3,773,077

39,963,495

Packaged Foods & Meats–0.26% Conagra Brands, Inc., 4.30%,

05/01/2024 3,792,000 4,132,616 Lamb Weston Holdings, Inc.,

4.63%, 11/01/2024(b) 3,700,000 3,801,750 7,934,366

Paper Packaging–1.27% Avery Dennison Corp., 0.85%,

08/15/2024 8,409,000 8,419,824 Berry Global, Inc.,

0.95%, 02/15/2024(b)(c) 10,222,000 10,267,002 1.57%, 01/15/2026(b) 1,614,000 1,630,253 4.88%, 07/15/2026(b) 5,000,000 5,279,000 1.65%, 01/15/2027(b) 9,251,000 9,226,531

Packaging Corp. of America,3.65%, 09/15/2024 3,240,000 3,494,196

Sealed Air Corp., 5.50%,09/15/2025(b) 938,000 1,053,524

39,370,330

Paper Products–0.79% Georgia Pacific LLC,

1.75%, 09/30/2025(b) 4,459,000 4,592,426 0.95%, 05/15/2026(b)(c) 20,000,000 19,863,828

24,456,254

Pharmaceuticals–0.95% Bayer US Finance II LLC

(Germany), 3.88%,12/15/2023(b) 5,174,000 5,520,497

Elanco Animal Health, Inc.,5.27%, 08/28/2023(c) 3,697,000 3,965,217

Mylan, Inc., 3.13%,01/15/2023(b) 3,836,000 3,967,379

Royalty Pharma PLC, 1.20%,09/02/2025 2,697,000 2,691,304

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Pharmaceuticals–(continued) Takeda Pharmaceutical Co.

Ltd. (Japan), 4.40%,11/26/2023 $ 3,787,000 $ 4,091,931

Viatris, Inc., 1.13%, 06/22/2022(b) 5,715,000 5,747,240 1.65%, 06/22/2025(b) 3,401,000 3,456,885

29,440,453

Regional Banks–1.54% Fifth Third Bancorp, 1.63%,

05/05/2023 4,194,000 4,277,228 First Niagara Financial Group,

Inc., 7.25%, 12/15/2021 750,000 764,647 Huntington Bancshares, Inc.,

2.63%, 08/06/2024 3,236,000 3,407,093 KeyBank N.A., 2.50%,

11/22/2021 4,023,000 4,043,946 M&T Bank Corp., 3.55%,

07/26/2023 1,530,000 1,619,474 PNC Financial Services

Group, Inc. (The), 3.50%,01/23/2024 3,545,000 3,791,410

Santander Holdings USA, Inc.,3.50%, 06/07/2024 3,153,000 3,364,702

Synovus Financial Corp.,3.13%, 11/01/2022 2,040,000 2,089,993

Truist Bank, 1.25%, 03/09/2023 9,640,000 9,782,608 3.20%, 04/01/2024 3,144,000 3,355,929 3.69%, 08/02/2024(c)(d) 3,420,000 3,636,502

Zions Bancorporation N.A.,3.35%, 03/04/2022 7,611,000 7,709,813

47,843,345

Restaurants–0.10% Aramark Services, Inc., 5.00%,

04/01/2025(b) 3,034,000 3,116,118

Retail REITs–0.29% Kite Realty Group L.P., 4.00%,

10/01/2026 6,674,000 7,232,899 Simon Property Group L.P.,

3.50%, 09/01/2025 1,689,000 1,843,520 9,076,419

Semiconductors–1.32% Analog Devices, Inc., 2.50%,

12/05/2021 4,825,000 4,844,810 Broadcom, Inc., 3.46%,

09/15/2026 11,771,000 12,790,251 Marvell Technology, Inc.,

4.20%, 06/22/2023(b) 3,695,000 3,915,500 Microchip Technology, Inc.,

4.33%, 06/01/2023 3,694,000 3,917,285 0.98%, 09/01/2024(b) 2,590,000 2,588,756

Micron Technology, Inc.,4.64%, 02/06/2024 7,400,000 8,047,500

NXP B.V./NXP Funding LLC(China), 4.63%,06/01/2023(b) 4,387,000 4,683,851

40,787,953


Soft Drinks–0.46% Coca-Cola Europacific Partners

PLC (United Kingdom), 0.80%, 05/03/2024(b) $ 9,999,000 $ 9,990,737 1.50%, 01/15/2027(b) 4,196,000 4,194,945

14,185,682

Sovereign Debt–0.41% Oman Government

International Bond (Oman),4.88%, 02/01/2025(b) 1,390,000 1,459,924

Turkey GovernmentInternational Bond (Turkey) 5.60%, 11/14/2024 5,347,000 5,558,453 4.75%, 01/26/2026 5,690,000 5,687,627

12,706,004

Specialized Finance–0.08% Element Fleet Management

Corp. (Canada), 1.60%,04/06/2024(b) 2,291,000 2,326,206

Specialized REITs–0.84% American Tower Corp.,

3.00%, 06/15/2023 4,767,000 4,977,426 0.60%, 01/15/2024 4,545,000 4,543,200

Equinix, Inc., 2.63%,11/18/2024 11,850,000 12,456,689

GLP Capital L.P./GLP FinancingII, Inc., 3.35%, 09/01/2024 3,698,000 3,911,944

25,889,259

Specialty Chemicals–0.76% Avient Corp., 5.25%,

03/15/2023(c) 3,767,000 4,007,146 Celanese US Holdings LLC,

3.50%, 05/08/2024 3,700,000 3,952,314 DuPont de Nemours, Inc.,

4.21%, 11/15/2023 3,049,000 3,285,563 PPG Industries, Inc., 2.40%,

08/15/2024(c) 3,976,000 4,167,465 Sasol Financing USA LLC

(South Africa), 4.38%,09/18/2026 7,859,000 8,126,796

23,539,284

Steel–0.36% ArcelorMittal S.A.

(Luxembourg), 3.60%,07/16/2024 3,881,000 4,134,676

POSCO (South Korea), 2.38%,01/17/2023(b) 5,021,000 5,130,307

Steel Dynamics, Inc., 2.40%,06/15/2025 1,738,000 1,812,955

11,077,938

Systems Software–0.32% Oracle Corp., 2.50%,

04/01/2025 3,455,000 3,625,432 VMware, Inc., 2.95%,

08/21/2022 6,285,000 6,430,194 10,055,626

Technology Hardware, Storage & Peripherals–0.14% Hewlett Packard Enterprise Co.,

4.40%, 10/15/2022 4,254,000 4,413,468

Tobacco–0.63% Altria Group, Inc., 2.35%,

05/06/2025 1,549,000 1,616,261

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Tobacco–(continued) BAT Capital Corp. (United

Kingdom), 3.22%, 08/15/2024(c) $ 4,899,000 $ 5,199,974 2.79%, 09/06/2024 4,148,000 4,360,041

BAT International Finance PLC(United Kingdom), 1.67%,03/25/2026 4,112,000 4,137,799

Imperial Brands Finance PLC(United Kingdom), 3.13%,07/26/2024(b) 3,882,000 4,094,619

19,408,694

Trading Companies & Distributors–0.36% Air Lease Corp.,

2.30%, 02/01/2025 4,000,000 4,135,068 1.88%, 08/15/2026 7,000,000 7,026,082

11,161,150

Trucking–2.04% Penske Truck Leasing Co.

L.P./PTL Finance Corp., 3.45%, 07/01/2024(b) 5,542,000 5,923,860 4.00%, 07/15/2025(b) 4,719,000 5,193,394 1.20%, 11/15/2025(b) 4,335,000 4,314,453

Ryder System, Inc., 2.50%, 09/01/2024(c) 5,974,000 6,264,394 4.63%, 06/01/2025 5,716,000 6,429,673 3.35%, 09/01/2025 7,704,000 8,330,485

Triton Container InternationalLtd. (Bermuda), 0.80%, 08/01/2023(b) 10,000,000 9,998,337 1.15%, 06/07/2024(b) 8,984,000 8,993,428 2.05%, 04/15/2026(b) 7,801,000 7,874,847

63,322,871

Wireless Telecommunication Services–1.25% Sprint Spectrum Co.

LLC/Sprint Spectrum Co. IILLC/Sprint Spectrum Co. IIILLC, 4.74%, 03/20/2025(b) 11,514,375 12,316,927

T-Mobile USA, Inc.,2.25%, 02/15/2026 4,337,000 4,434,583 2.25%, 02/15/2026(b)(c) 4,604,000 4,707,590 2.63%, 04/15/2026 7,499,000 7,714,596

VEON Holdings B.V.(Netherlands), 4.00%,04/09/2025(b) 3,001,000 3,169,881

Vodafone Group PLC (UnitedKingdom), 3.75%,01/16/2024 5,888,000 6,343,377

38,686,954 Total U.S. Dollar Denominated Bonds &

Notes(Cost $2,102,975,295)

2,153,778,543


Asset-Backed Securities–18.37% American Credit Acceptance

Receivables Trust, Series 2017-4, Class D,3.57%, 01/10/2024(b) $ 858,623 $ 861,278 Series 2018-3, Class D,4.14%, 10/15/2024(b) 207,671 209,627 Series 2019-1, Class C,3.50%, 04/14/2025(b) 671,925 676,419 Series 2019-2, Class D,3.41%, 06/12/2025(b) 1,935,000 1,988,559 Series 2019-3, Class C,2.76%, 09/12/2025(b) 1,634,896 1,648,362

AmeriCredit AutomobileReceivables Trust, Series 2017-2, Class D,3.42%, 04/18/2023 3,075,000 3,103,077 Series 2017-4, Class D,3.08%, 12/18/2023 1,480,000 1,507,943 Series 2018-3, Class C,3.74%, 10/18/2024 3,465,000 3,569,579 Series 2019-2, Class C,2.74%, 04/18/2025 1,335,000 1,374,584 Series 2019-2, Class D,2.99%, 06/18/2025 3,700,000 3,842,534 Series 2019-3, Class D,2.58%, 09/18/2025 1,830,000 1,885,106

Angel Oak Mortgage Trust, Series 2019-3, Class A1,2.93%, 05/25/2059(b)(h) 2,801,851 2,815,742 Series 2020-1, Class A1,2.16%, 12/25/2059(b)(h) 2,128,446 2,142,466 Series 2020-3, Class A1,1.69%, 04/25/2065(b)(h) 6,216,335 6,263,616 Series 2021-3, Class A1,1.07%, 05/25/2066(b)(h) 5,593,485 5,608,676

Angel Oak Mortgage Trust ILLC, Series 2018-3, Class A1,3.65%, 09/25/2048(b)(h) 1,581,775 1,592,526 Series 2019-2, Class A1,3.63%, 03/25/2049(b)(h) 2,103,599 2,127,503

Angel Oak Mortgage Trust LLC,Series 2020-5, Class A1,1.37%, 05/25/2065(b)(h) 4,138,676 4,162,449

Bain Capital Credit CLO Ltd.,Series 2017-2A, Class AR2,1.32% (3 mo. USD LIBOR +1.18%), 07/25/2034(b)(e) 11,812,000 11,812,734

Banc of America MortgageTrust, Series 2004-D,Class 2A2, 2.54%,05/25/2034(h) 20,436 21,127

Bear Stearns Adjustable RateMortgage Trust, Series 2003-6, Class 1A3,2.19%, 08/25/2033(h) 40,422 41,398 Series 2005-9, Class A1,0.76% (1 yr. U.S. TreasuryYield Curve Rate + 2.30%),10/25/2035(e) 149,478 152,947 Series 2006-1, Class A1,0.65% (1 yr. U.S. TreasuryYield Curve Rate + 2.25%),02/25/2036(e) 297,303 302,230

Benchmark Mortgage Trust,Series 2018-B1, Class XA,IO, 0.65%, 01/15/2051(i) 26,089,838 687,971

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BRAVO Residential FundingTrust, Series 2021-NQM2,Class A1, 0.97%,03/25/2060(b)(h) $ 4,697,423 $ 4,712,285

Capital Lease FundingSecuritization L.P., Series1997-CTL1, Class IO,1.51%, 06/22/2024(b)(i) 65,604 385

CarMax Auto Owner Trust, Series 2017-4, Class D,3.30%, 05/15/2024 1,120,000 1,126,504 Series 2018-1, Class D,3.37%, 07/15/2024 810,000 820,636 Series 2018-3, Class A3,3.13%, 06/15/2023 2,945,821 2,970,497 Series 2018-4, Class C,3.85%, 07/15/2024 1,170,000 1,218,990

CCG Receivables Trust, Series 2018-2, Class C,3.87%, 12/15/2025(b) 755,000 765,453 Series 2019-1, Class B,3.22%, 09/14/2026(b) 2,540,000 2,615,125 Series 2019-1, Class C,3.57%, 09/14/2026(b) 555,000 573,491 Series 2019-2, Class B,2.55%, 03/15/2027(b) 1,445,000 1,483,798 Series 2019-2, Class C,2.89%, 03/15/2027(b) 695,000 711,897

CD Mortgage Trust, Series2017- CD6, Class XA, IO,1.06%, 11/13/2050(i) 8,701,447 320,247

Chase Home LendingMortgage Trust, Series 2019-ATR1,Class A15, 4.00%,04/25/2049(b)(h) 180,014 182,436 Series 2019-ATR2,Class A3, 3.50%,07/25/2049(b)(h) 3,094,583 3,161,409

Chase Mortgage FinanceTrust, Series 2005-A2,Class 1A3, 3.05%,01/25/2036(h) 314,001 303,042

CIFC Funding Ltd., Series2014-5A, Class A1R2,1.33% (3 mo. USD LIBOR +1.20%), 10/17/2031(b)(e) 2,390,000 2,392,119

Citigroup CommercialMortgage Trust, Series 2013-GC17,Class XA, IO, 1.17%,11/10/2046(i) 11,127,922 202,456 Series 2014-GC21,Class AA, 3.48%,05/10/2047 573,769 596,658 Series 2017-C4, Class XA,IO, 1.23%, 10/12/2050(i) 22,972,357 1,074,339

Citigroup Mortgage Loan Trust,Series 2019-IMC1,Class A1, 2.72%,07/25/2049(b)(h) 3,198,253 3,230,832

Citigroup Mortgage Loan Trust,Inc., Series 2004-UST1,Class A4, 1.86%,08/25/2034(h) 79,429 77,902 Series 2006-AR1,Class 1A1, 2.48% (1 yr. U.S.Treasury Yield Curve Rate +2.40%), 10/25/2035(e) 663,663 694,413

CNH Equipment Trust, Series2017-C, Class B, 2.54%,05/15/2025 750,000 754,848


COLT Mortgage Loan Trust, Series 2020-1, Class A1,2.49%, 02/25/2050(b)(h) $ 3,388,859 $ 3,398,724 Series 2020-1, Class A2,2.69%, 02/25/2050(b)(h) 874,778 877,309 Series 2020-1R, Class A1,1.26%, 09/25/2065(b)(h) 2,029,741 2,036,568 Series 2020-2, Class A1,1.85%, 03/25/2065(b)(h) 2,451,875 2,465,186

COMM Mortgage Trust, Series 2012-CR5, Class XA,IO, 1.65%, 12/10/2045(i) 11,440,840 170,620 Series 2014-CR20,Class ASB, 3.31%,11/10/2047 459,670 478,146

Countrywide Home LoansMortgage Pass ThroughTrust, Series 2005-17, Class 1A8,5.50%, 09/25/2035 280,948 283,036 Series 2005-JA, Class A7,5.50%, 11/25/2035 351,721 348,948

Credit Suisse Mortgage CapitalCtfs., Series 2020-SPT1,Class A1, 1.62%,04/25/2065(b)(g) 4,072,597 4,084,963

Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A1,2.24%, 02/25/2050(b)(h) 7,776,292 7,872,311 Series 2021-INV1, Class A4,2.50%, 07/25/2056(b)(h) 17,365,000 17,845,246 Series 2021-NQM1,Class A1, 0.81%,05/25/2065(b)(h) 2,038,811 2,040,521 Series 2021-NQM2,Class A1, 1.18%,02/25/2066(b)(h) 8,285,110 8,305,028

DB Master Finance LLC, Series2019-1A, Class A2I, 3.79%,05/20/2049(b) 8,820,000 8,924,904

Deephaven ResidentialMortgage Trust, Series2019-4A, Class A1, 2.79%,10/25/2059(b)(h) 1,167,321 1,171,789

Dell Equipment Finance Trust, Series 2019-1, Class C,3.14%, 03/22/2024(b) 4,465,000 4,504,392 Series 2019-2, Class D,2.48%, 04/22/2025(b) 1,530,000 1,545,744

Drive Auto Receivables Trust, Series 2017-1, Class D,3.84%, 03/15/2023 232,201 232,678 Series 2018-2, Class D,4.14%, 08/15/2024 1,496,346 1,521,726 Series 2018-3, Class D,4.30%, 09/16/2024 1,767,140 1,801,842 Series 2018-5, Class C,3.99%, 01/15/2025 1,249,566 1,261,414 Series 2019-1, Class C,3.78%, 04/15/2025 1,892,086 1,904,952 Series 2019-3, Class C,2.90%, 08/15/2025 2,525,000 2,557,552 Series 2019-3, Class D,3.18%, 10/15/2026 2,885,000 2,975,051

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DT Auto Owner Trust, Series 2017-3A, Class E,5.60%, 08/15/2024(b) $ 1,732,474 $ 1,744,222 Series 2017-4A, Class E,5.15%, 11/15/2024(b) 1,949,342 1,959,507 Series 2018-2A, Class D,4.15%, 03/15/2024(b) 750,068 759,771 Series 2018-3A, Class C,3.79%, 07/15/2024(b) 158,223 158,446 Series 2019-3A, Class C,2.74%, 04/15/2025(b) 2,890,000 2,917,238

Ellington Financial MortgageTrust, Series 2020-1, Class A1,2.01%, 05/25/2065(b)(h) 1,276,092 1,287,242 Series 2021-1, Class A1,0.80%, 02/25/2066(b)(h) 2,729,084 2,726,783

Exeter AutomobileReceivables Trust, Series 2019-1A, Class D,4.13%, 12/16/2024(b) 4,215,000 4,339,643 Series 2019-2A, Class C,3.30%, 03/15/2024(b) 2,862,754 2,887,607 Series 2019-4A, Class D,2.58%, 09/15/2025(b) 3,225,000 3,311,465

Flagstar Mortgage Trust,Series 2021-8INV, Class A6,2.50%, 09/25/2051(b)(h) 2,475,000 2,550,507

FREMF Mortgage Trust, Series 2012-K23, Class C,3.78%, 10/25/2045(b)(h) 5,250,000 5,383,384 Series 2013-K25, Class C,3.74%, 11/25/2045(b)(h) 2,362,000 2,431,626 Series 2013-K26, Class C,3.72%, 12/25/2045(b)(h) 1,642,030 1,694,806 Series 2013-K27, Class C,3.62%, 01/25/2046(b)(h) 530,000 547,243 Series 2013-K28, Class C,3.61%, 06/25/2046(b)(h) 530,000 550,233 Series 2013-K29, Class C,3.60%, 05/25/2046(b)(h) 1,915,000 1,993,992 Series 2013-K30, Class C,3.67%, 06/25/2045(b)(h) 917,000 956,923 Series 2015-K721, Class B,3.68%, 11/25/2047(b)(h) 1,150,000 1,181,954 Series 2017-K724, Class B,5.26%, 12/25/2049(b)(h) 1,395,000 1,470,753

Galton Funding MortgageTrust, Series 2019-H1,Class A1, 2.66%,10/25/2059(b)(h) 555,777 564,447

GCAT Trust, Series 2019-NQM2,Class A1, 2.86%,09/25/2059(b)(g) 2,274,103 2,286,852 Series 2019-NQM3,Class A1, 2.69%,11/25/2059(b)(h) 4,208,742 4,316,504 Series 2020-NQM2,Class A1, 1.56%,04/25/2065(b)(g) 2,014,528 2,025,334

GMF Floorplan OwnerRevolving Trust, Series 2018-4, Class B,3.68%, 09/15/2023(b) 2,725,000 2,728,503 Series 2018-4, Class C,3.88%, 09/15/2023(b) 3,405,000 3,409,115

GoldenTree LoanManagement US CLO 1Ltd., Series 2021-9A,Class A, 1.20% (3 mo. USDLIBOR + 1.07%),01/20/2033(b)(e) 6,000,000 6,005,625


GoldenTree Loan ManagementUS CLO 2 Ltd., Series2017-2A, Class A, 1.28%(3 mo. USD LIBOR + 1.15%),11/28/2030(b)(e) $ 6,022,000 $ 6,028,111

Golub Capital Partners CLO35(B) Ltd., Series 2017-35A,Class AR, 1.32% (3 mo. USDLIBOR + 1.19%),07/20/2029(b)(e) 9,000,000 9,014,345

GS Mortgage Securities Trust, Series 2012-GC6, Class A3,3.48%, 01/10/2045 193,370 193,363 Series 2012-GC6, Class AS,4.95%, 01/10/2045(b) 2,500,000 2,516,919 Series 2013-GCJ12,Class AAB, 2.68%,06/10/2046 112,380 113,767 Series 2014-GC18,Class AAB, 3.65%,01/10/2047 456,571 472,153

GS Mortgage-Backed SecuritiesTrust, Series 2021-INV,Class A6, 2.50%,12/25/2051(b)(h) 5,988,000 6,165,868

GSR Mortgage Loan Trust,Series 2005-AR, Class 6A1,3.07%, 07/25/2035(h) 67,118 69,737

Hertz Vehicle Financing LLC, Series 2021-1A, Class A,1.21%, 12/26/2025(b) 1,584,000 1,595,160 Series 2021-1A, Class B,1.56%, 12/26/2025(b) 700,000 706,648

Hilton Grand Vacations Trust,Series 2019 AA, Class A,2.34%, 07/25/2033(b) 2,596,874 2,674,986

Home Partners of AmericaTrust, Series 2018-1, Class A,0.99% (1 mo. USD LIBOR +0.90%), 07/17/2037(b)(e) 1,330,914 1,335,734 Series 2018-1, Class B,1.19% (1 mo. USD LIBOR +1.10%), 07/17/2037(b)(e) 2,970,000 2,976,112 Series 2018-1, Class C,1.34% (1 mo. USD LIBOR +1.25%), 07/17/2037(b)(e) 1,350,000 1,352,932

HomeBanc Mortgage Trust,Series 2005-3, Class A2,0.70% (1 mo. USD LIBOR +0.62%), 07/25/2035(e) 3,818 3,825

ICG US CLO Ltd., Series2016-1A, Class A1RR, 1.38%(3 mo. USD LIBOR + 1.25%),04/29/2034(b)(e) 3,000,000 3,003,990

Invitation Homes Trust, Series 2017-SFR2, Class A,0.94% (1 mo. USD LIBOR +0.85%), 12/17/2036(b)(e) 822,721 824,588 Series 2017-SFR2, Class B,1.24% (1 mo. USD LIBOR +1.15%), 12/17/2036(b)(e) 483,179 484,334 Series 2017-SFR2, Class C,1.54% (1 mo. USD LIBOR +1.45%), 12/17/2036(b)(e) 924,779 927,146

IP Lending II Ltd., Series2021-2A, Class SNR, 3.65%,07/15/2025(b) 5,000,000 5,000,000

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JP Morgan Chase CommercialMortgage Securities Trust, Series 2013-C16, Class AS,4.52%, 12/15/2046 $ 2,335,000 $ 2,508,204 Series 2016-JP3, Class A2,2.43%, 08/15/2049 1,242,791 1,242,450

JP Morgan Mortgage Trust,Series 2007-A1, Class 5A1,2.54%, 07/25/2035(h) 239,590 245,380

JPMBB Commercial MortgageSecurities Trust, Series2015- C27, Class XA, IO,1.29%, 02/15/2048(i) 26,801,231 893,668

KNDL Mortgage Trust, Series 2019-KNSQ, Class A,0.90% (1 mo. USD LIBOR +0.80%), 05/15/2036(b)(e) 7,750,000 7,766,185 Series 2019-KNSQ,Class C, 1.15% (1 mo. USDLIBOR + 1.05%),05/15/2036(b)(e) 4,250,000 4,255,458

Lehman Structured SecuritiesCorp., Series 2002-GE1,Class A, 0.00%,07/26/2024(b)(h) 22,658 10,213

Life Mortgage Trust, Series 2021-BMR, Class A,0.80% (1 mo. USD LIBOR +0.70%), 03/15/2038(b)(e) 7,380,000 7,395,902 Series 2021-BMR, Class B,0.98% (1 mo. USD LIBOR +0.88%), 03/15/2038(b)(e) 3,580,000 3,588,493

Master Credit Card Trust II,Series 2020-1A, Class A,1.99%, 09/21/2024(b) 15,000,000 15,401,334

Mello Mortgage CapitalAcceptance Trust, Series2021-INV2, Class A4,2.50%, 08/25/2051(b)(h) 4,581,000 4,706,441

Merrill Lynch MortgageInvestors Trust, Series2005-3, Class 3A, 2.25%,11/25/2035(h) 550,169 557,179

MMAF Equipment FinanceLLC, Series 2020-A, Class A2,0.74%, 04/09/2024(b) 4,229,173 4,245,270 Series 2020-A, Class A3,0.97%, 04/09/2027(b) 5,800,000 5,865,037

Morgan Stanley Bank ofAmerica Merrill Lynch Trust,Series 2013-C9, Class AS,3.46%, 05/15/2046 2,235,000 2,315,414

Morgan Stanley Capital I Trust, Series 2017-CLS, Class A,0.80% (1 mo. USD LIBOR +0.70%), 11/15/2034(b)(e) 8,028,000 8,033,551 Series 2017-CLS, Class B,0.95% (1 mo. USD LIBOR +0.85%), 11/15/2034(b)(e) 3,944,000 3,946,944 Series 2017-CLS, Class C,1.10% (1 mo. USD LIBOR +1.00%), 11/15/2034(b)(e) 2,676,000 2,678,688 Series 2017-HR2, Class XA,IO, 0.92%, 12/15/2050(i) 8,640,452 346,044


Motel Trust, Series 2021-MTL6, Class A,1.00% (1 mo. USD LIBOR +0.90%), 09/15/2038(b)(e) $ 1,940,000 $ 1,946,968 Series 2021-MTL6, Class B,1.30% (1 mo. USD LIBOR +1.20%), 09/15/2038(b)(e) 780,000 782,924

MVW LLC, Series 2019-2A,Class A, 2.22%,10/20/2038(b) 2,607,047 2,659,157

MVW Owner Trust, Series2019-1A, Class A, 2.89%,11/20/2036(b) 2,073,618 2,147,444

Neuberger Berman LoanAdvisers CLO 24 Ltd., Series2017-24A, Class AR, 1.15%(3 mo. USD LIBOR + 1.02%),04/19/2030(b)(e) 7,455,000 7,469,605

New Residential Mortgage LoanTrust, Series 2019-NQM4,Class A1, 2.49%,09/25/2059(b)(h) 1,523,526 1,536,615 Series 2020-NQM1, SeriesA1, 2.46%, 01/26/2060(b)(h) 2,497,329 2,522,507

Oceanview Mortgage Trust,Series 2021-3, Class A5,2.50%, 07/25/2051(b)(h) 5,616,000 5,776,545

OCP CLO Ltd. (CaymanIslands), Series 2017-13A, Class A1A,1.39% (3 mo. USD LIBOR +1.26%), 07/15/2030(b)(e) 5,145,000 5,147,700 Series 2017-13A,Class A1AR, 1.00%(3 mo. USD LIBOR + 0.96%),07/15/2030(b)(e) 5,145,000 5,147,572 Series 2020-8RA, Class A1,1.35% (3 mo. USD LIBOR +1.22%), 01/17/2032(b)(e) 9,602,000 9,611,602

Octagon Investment Partners49 Ltd., Series 2020-5A,Class A1, 1.35% (3 mo. USDLIBOR + 1.22%),01/15/2033(b)(e) 8,832,000 8,841,034

OHA Loan Funding Ltd., Series2016-1A, Class AR, 1.39% (3mo. USD LIBOR + 1.26%),01/20/2033(b)(e) 7,550,413 7,566,596

Onslow Bay Financial LLC,Series 2019-EXP1,Class 1A3, 4.00%,01/25/2059(b)(h) 689,931 701,950

PPM CLO 3 Ltd., Series2019-3A, Class AR, 1.22%(3 mo. USD LIBOR + 1.09%),04/17/2034(b)(e) 3,874,000 3,882,734

Prestige Auto ReceivablesTrust, Series 2019-1A,Class C, 2.70%,10/15/2024(b) 1,560,000 1,583,906

Progress Residential Trust,Series 2020-SFR1, Class A,1.73%, 04/17/2037(b) 5,005,000 5,074,259

RBSSP Resecuritization Trust,Series 2010-1, Class 2A1,2.24%, 07/26/2045(b)(h) 1,760 1,764

Residential Accredit Loans, Inc.Trust, Series 2006-QS13,Class 1A8, 6.00%,09/25/2036 4,485 4,281

Residential Mortgage LoanTrust, Series 2019-3, Class A1,2.63%, 09/25/2059(b)(h) 844,933 853,969 Series 2020-1, Class A1,2.38%, 02/25/2024(b)(h) 2,056,987 2,079,622

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Santander Drive AutoReceivables Trust, Series 2017-3, Class D,3.20%, 11/15/2023 $ 1,622,669 $ 1,633,175 Series 2018-1, Class D,3.32%, 03/15/2024 834,769 842,482 Series 2018-2, Class D,3.88%, 02/15/2024 1,824,495 1,850,788 Series 2019-2, Class D,3.22%, 07/15/2025 2,675,000 2,755,406 Series 2019-3, Class D,2.68%, 10/15/2025 2,230,000 2,285,137

Santander Retail Auto LeaseTrust, Series 2019-A, Class C,3.30%, 05/22/2023(b) 4,295,000 4,344,027 Series 2019-B, Class C,2.77%, 08/21/2023(b) 1,555,000 1,581,413 Series 2019-C, Class C,2.39%, 11/20/2023(b) 2,845,000 2,897,068

Sequoia Mortgage Trust, Series 2013-3, Class A1,2.00%, 03/25/2043(h) 683,958 688,797 Series 2013-6, Class A2,3.00%, 05/25/2043(h) 1,008,550 1,019,492 Series 2013-7, Class A2,3.00%, 06/25/2043(h) 586,811 593,569

Sierra Timeshare ReceivablesFunding LLC, Series2019-3A, Class A, 2.34%,08/20/2036(b) 3,073,663 3,143,532

Sonic Capital LLC, Series2021-1A, Class A2I, 2.19%,08/20/2051(b) 4,610,000 4,630,878

Star Trust, Series 2021-SFR1,Class A, 0.69% (1 mo. USDLIBOR + 0.60%),04/17/2038(b)(e) 18,579,790 18,587,084

Starwood MortgageResidential Trust, Series 2020-1, Class A1,2.28%, 02/25/2050(b)(h) 1,298,707 1,313,310 Series 2020-INV1, Class A1,1.03%, 11/25/2055(b)(h) 3,399,979 3,401,747

Structured Asset SecuritiesCorp. Pass-Through Ctfs.,Series 2002-AL1, Class AIO,3.45%, 02/25/2032 744,863 128,292

Taconic Park CLO Ltd., Series2016-1A, Class A1R, 1.13%(3 mo. USD LIBOR +1.00%), 01/20/2029(b)(e) 12,119,000 12,136,278

Textainer Marine ContainersVII Ltd., Series 2021-2A,Class A, 2.23%,04/20/2046(b) 8,078,667 8,192,826

TICP CLO XV Ltd., Series2020-15A, Class A, 1.41%(3 mo. USD LIBOR +1.28%), 04/20/2033(b)(e) 7,162,000 7,179,866

Towd Point Mortgage Trust, Series 2016-3, Class A1,2.25%, 04/25/2056(b)(h) 230,731 231,618 Series 2017-2, Class A1,2.75%, 04/25/2057(b)(h) 1,938,261 1,965,386

UBS Commercial MortgageTrust, Series 2017-C5,Class XA, IO, 1.13%,11/15/2050(i) 14,866,398 631,804

Vendee Mortgage Trust, Series1995-2B, Class 2, IO,0.79%, 06/15/2025(j) 801,040 7,890


Verus Securitization Trust, Series 2020-1, Class A1,2.42%, 01/25/2060(b)(g) $ 4,934,620 $ 5,005,753 Series 2020-INV1, Class A1,0.33%, 03/25/2060(b)(h) 1,201,502 1,212,503 Series 2021-1, Class A1B,1.32%, 01/25/2066(b)(h) 5,138,301 5,145,909 Series 2021-2, Class A1,1.03%, 02/25/2066(b)(h) 2,951,218 2,950,850 Series 2021-R1, Class A1,0.82%, 10/25/2063(b)(h) 5,440,323 5,445,866

Visio Trust, Series 2020-1R,Class A1, 1.31%,11/25/2055(b) 3,476,653 3,496,012

WaMu Mortgage Pass-ThroughCtfs. Trust, Series 2003-AR10, Class A7,2.56%, 10/25/2033(h) 116,749 118,180 Series 2005-AR14,Class 1A4, 2.89%,12/25/2035(h) 49,070 49,831 Series 2005-AR16,Class 1A1, 2.72%,12/25/2035(h) 219,306 223,535

Wells Fargo CommercialMortgage Trust, Series 2015-NXS1, Class A2,2.63%, 05/15/2048 202,525 202,465 Series 2017-C42, Class XA,IO, 1.03%, 12/15/2050(i) 12,009,832 566,270

Wendy’s Funding LLC,Series 2019-1A, Class A2I,3.78%, 06/15/2049(b) 6,615,000 7,061,704

Westlake AutomobileReceivables Trust, Series 2019-2A, Class C,2.84%, 07/15/2024(b) 2,805,000 2,834,003 Series 2019-3A, Class C,2.49%, 10/15/2024(b) 3,590,000 3,639,469

WFRBS Commercial MortgageTrust, Series 2012-C10, Class XA,IO, 1.64%, 12/15/2045(b)(i) 3,159,331 44,608 Series 2012-C6, Class XA,IO, 2.31%, 04/15/2045(b)(i) 783,192 1,072 Series 2013-C16, Class B,5.17%, 09/15/2046(h) 4,500,000 4,749,684

World Financial Network CreditCard Master Trust, Series 2019-A, Class A,3.14%, 12/15/2025 1,000,000 1,013,440 Series 2019-B, Class A,2.49%, 04/15/2026 3,665,000 3,731,108 Series 2019-C, Class A,2.21%, 07/15/2026 3,130,000 3,195,119

Zaxby’s Funding LLC,Series 2021-1A, Class A2,3.24%, 07/30/2051(b) 9,995,000 10,344,379

Total Asset-Backed Securities(Cost $566,423,945)

569,060,542


0.05%, 02/17/2022(k)(l) 4,648,000 4,647,018

U.S. Treasury Notes–4.42% 0.13%, 08/31/2023 40,832,000 40,768,998 0.38%, 08/15/2024 36,973,400 36,947,403 0.75%, 08/31/2026 59,248,200 59,183,397

136,899,798 Total U.S. Treasury Securities

(Cost $141,482,284) 141,546,816

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Collateralized Mortgage Obligations–0.56% Fannie Mae Interest STRIPS,

IO,7.50%, 05/25/2023 to11/25/2029(j) $ 671,208 $ 121,459 6.50%, 02/25/2032 to07/25/2032(j) 339,971 61,082 6.00%, 12/25/2032 to09/25/2035(j) 830,453 134,570 5.50%, 11/25/2033 to06/25/2035(j) 642,126 107,785 PO,0.00%, 09/25/2032(m) 27,149 25,587

Fannie Mae REMICs, 7.50%, 09/25/2022 72,041 73,830 6.50%, 06/25/2023 to11/25/2029 100,877 111,329 1.08% (1 mo. USD LIBOR +1.00%), 04/25/2032(e) 48,063 49,164 0.59% (1 mo. USD LIBOR +0.50%), 10/18/2032(e) 22,374 22,520 0.48% (1 mo. USD LIBOR +0.40%), 11/25/2033 to03/25/2042(e) 115,536 116,453 5.50%, 04/25/2035 to07/25/2046(j) 3,878,524 3,314,336 24.26% (24.57% - (3.67 x 1mo. USD LIBOR)),03/25/2036(e) 81,412 133,434 23.89% (24.20% - (3.67 x 1mo. USD LIBOR)),06/25/2036(e) 303,861 487,097 23.89% (24.20% - (3.67 x 1mo. USD LIBOR)),06/25/2036(e) 42,924 69,400 5.00%, 04/25/2040 to09/25/2047(e)(j) 7,346,124 1,477,173 4.00%, 03/25/2041 to08/25/2047(j) 1,584,583 240,524 0.53% (1 mo. USD LIBOR +0.45%), 02/25/2047(e) 63,895 64,403 IO,6.62% (6.70% - (1.00 x 1 mo.USD LIBOR)), 02/25/2024 to02/25/2035(e)(j) 858,454 159,520 3.00%, 11/25/2027(j) 1,226,037 69,010 7.81% (7.90% - (1.00 x 1 mo.USD LIBOR)), 11/18/2031 to12/18/2031(e)(j) 181,082 35,026 7.82% (7.90% - (1.00 x 1 mo.USD LIBOR)), 11/25/2031(e)(j) 35,528 7,192 7.87% (7.95% - (1.00 x 1 mo.USD LIBOR)), 01/25/2032 to07/25/2032(e)(j) 218,401 38,234 7.91% (8.00% - (1.00 x 1 mo.USD LIBOR)), 03/18/2032(e)(j) 73,499 16,172 8.02% (8.10% - (1.00 x 1 mo.USD LIBOR)), 03/25/2032 to04/25/2032(e)(j) 103,715 23,318 6.92% (7.00% - (1.00 x 1 mo.USD LIBOR)), 04/25/2032(e)(j) 69,542 12,544 7.72% (7.80% - (1.00 x 1 mo.USD LIBOR)), 04/25/2032(e)(j) 34,982 7,669 7.92% (8.00% - (1.00 x 1 mo.USD LIBOR)), 07/25/2032 to09/25/2032(e)(j) 227,998 51,329


Collateralized Mortgage Obligations–(continued) 8.01% (8.10% - (1.00 x 1 mo.USD LIBOR)), 12/18/2032(e)(j) $ 161,037 $ 32,811 8.17% (8.25% - (1.00 x 1 mo.USD LIBOR)), 02/25/2033 to05/25/2033(e)(j) 192,766 44,891 7.00%, 04/25/2033(j) 960,762 182,414 5.97% (6.05% - (1.00 x 1 mo.USD LIBOR)), 03/25/2035 to07/25/2038(e)(j) 434,853 68,930 6.67% (6.75% - (1.00 x 1 mo.USD LIBOR)), 03/25/2035 to05/25/2035(e)(j) 319,319 42,389 6.52% (6.60% - (1.00 x 1 mo.USD LIBOR)), 05/25/2035(e)(j) 181,865 27,774 3.50%, 08/25/2035(j) 4,070,878 501,885 6.46% (6.54% - (1.00 x 1 mo.USD LIBOR)), 06/25/2037(e)(j) 148,102 27,521 6.47% (6.55% - (1.00 x 1 mo.USD LIBOR)), 10/25/2041(e)(j) 463,172 90,564 6.07% (6.15% - (1.00 x 1 mo.USD LIBOR)), 12/25/2042(e)(j) 821,666 170,356 4.50%, 02/25/2043(j) 277,270 44,918

Freddie Mac MultifamilyStructured Pass-Through Ctfs., Series KC02, Class X1, IO,1.91%, 03/25/2024(i) 59,380,184 488,729 Series KC03, Class X1, IO,0.63%, 11/25/2024(i) 37,495,175 497,718 Series K734, Class X1, IO,0.78%, 02/25/2026(i) 27,568,337 679,372 Series K735, Class X1, IO,1.10%, 05/25/2026(i) 27,099,595 1,096,141 Series K093, Class X1, IO,1.09%, 05/25/2029(i) 22,339,194 1,461,832

Freddie Mac REMICs, 1.73% (COF 11 + 1.45%),12/15/2023(e) 323,174 327,412 6.50%, 04/15/2028 to06/15/2032 844,042 970,798 6.00%, 01/15/2029 to04/15/2029 404,910 455,545 7.50%, 09/15/2029 59,194 68,584 8.00%, 03/15/2030 34,824 41,409 1.05% (1 mo. USD LIBOR +0.95%), 08/15/2031 to01/15/2032(e) 71,148 72,838 1.10% (1 mo. USD LIBOR +1.00%), 12/15/2031 to03/15/2032(e) 144,617 147,407 0.60% (1 mo. USD LIBOR +0.50%), 01/15/2033(e) 3,085 3,130 5.00%, 08/15/2035 1,365,748 1,567,555 4.00%, 06/15/2038 to03/15/2045(j) 982,272 181,622 IO,5.90% (6.00% - (1.00 x 1 mo.USD LIBOR)), 03/15/2024 to04/15/2038(e)(j) 255,910 19,216 3.00%, 06/15/2027 to12/15/2027(j) 4,204,183 241,118 2.50%, 05/15/2028(j) 843,629 44,795 8.61% (8.70% - (1.00 x 1 mo.USD LIBOR)), 07/17/2028(e)(j) 42,033 3,260

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Collateralized Mortgage Obligations–(continued) 7.95% (8.05% - (1.00 x1 mo. USD LIBOR)),02/15/2029(e)(j) $ 176,357 $ 27,501 7.65% (7.75% - (1.00 x1 mo. USD LIBOR)),06/15/2029(e)(j) 165,578 23,935 8.00% (8.10% - (1.00 x1 mo. USD LIBOR)),06/15/2029 to09/15/2029(e)(j) 106,275 17,806 6.60% (6.70% - (1.00 x1 mo. USD LIBOR)),01/15/2035(e)(j) 466,559 75,223 6.65% (6.75% - (1.00 x1 mo. USD LIBOR)),02/15/2035(e)(j) 111,336 16,932 6.62% (6.72% - (1.00 x1 mo. USD LIBOR)),05/15/2035(e)(j) 346,782 50,784 6.05% (6.15% - (1.00 x1 mo. USD LIBOR)),07/15/2035(e)(j) 496,156 61,890 6.90% (7.00% - (1.00 x1 mo. USD LIBOR)),12/15/2037(e)(j) 67,973 15,130 5.97% (6.07% - (1.00 x1 mo. USD LIBOR)),05/15/2038(e)(j) 898,217 159,805 6.15% (6.25% - (1.00 x1 mo. USD LIBOR)),12/15/2039(e)(j) 174,507 29,972 6.00% (6.10% - (1.00 x1 mo. USD LIBOR)),01/15/2044(e)(j) 995,444 140,130

Freddie Mac STRIPS, IO,3.00%, 12/15/2027(j) 1,818,066 109,936 3.27%, 12/15/2027(i) 480,956 25,261 6.50%, 02/01/2028(j) 18,987 2,530 7.00%, 09/01/2029(j) 141,526 23,829 7.50%, 12/15/2029(j) 60,010 10,824 6.00%, 12/15/2032(j) 54,905 8,370

17,432,952

Federal Home Loan Mortgage Corp. (FHLMC)–0.09% 6.00%, 01/01/2022 to07/01/2024 146,541 161,873 6.50%, 01/01/2022 to04/01/2034 84,564 95,514 9.00%, 08/01/2022 to05/01/2025 2,461 2,645 8.50%, 05/01/2024 to08/17/2026 37,487 37,876 7.00%, 10/25/2024 to03/01/2035 801,757 904,989 7.50%, 01/01/2032 to02/01/2032 447,980 519,983 5.00%, 07/01/2033 to06/01/2034 234,465 266,529 5.50%, 09/01/2039 542,004 628,649 ARM,1.84% (6 mo. USD LIBOR +1.63%), 07/01/2036(e) 18,477 19,292 2.49% (1 yr. USD LIBOR +2.14%), 02/01/2037(e) 7,326 7,879 2.45% (1 yr. USD LIBOR +2.08%), 01/01/2038(e) 7,068 7,425

2,652,654


Federal National Mortgage Association (FNMA)–0.23% 5.00%, 12/01/2021 to06/01/2022 $ 452 $ 471 8.00%, 12/01/2022 to07/01/2032 89,953 92,056 6.50%, 11/01/2023 to10/01/2035 1,402,432 1,580,340 7.00%, 11/01/2025 to08/01/2036 1,687,214 1,896,131 7.50%, 02/01/2027 to08/01/2033 1,070,599 1,227,318 9.00%, 01/01/2030 31,433 31,984 8.50%, 05/01/2030 to07/01/2032 97,936 108,198 6.00%, 06/01/2030 to03/01/2037 1,720,324 2,032,782 5.50%, 02/01/2035 to05/01/2036 226,310 262,625 ARM,2.33% (1 yr. U.S. TreasuryYield Curve Rate + 2.22%),11/01/2032(e) 17,571 17,714 2.29% (1 yr. U.S. TreasuryYield Curve Rate + 2.18%),05/01/2035(e) 34,655 37,037 2.09% (1 yr. USD LIBOR +1.69%), 03/01/2038(e) 8,957 9,427

7,296,083

Government National Mortgage Association (GNMA)–0.06% 8.00%, 02/15/2022 to08/15/2028 9,420 9,463 7.50%, 10/15/2022 to11/15/2026 21,234 22,696 6.50%, 07/15/2023 to02/15/2034 480,102 537,815 7.00%, 10/15/2026 to01/20/2030 81,605 86,972 8.50%, 07/20/2027 31,216 34,758 IO,6.45% (6.55% - (1.00 x 1 mo.USD LIBOR)),04/16/2037(e)(j) 869,599 164,046 6.55% (6.65% - (1.00 x 1 mo.USD LIBOR)),04/16/2041(e)(j) 1,370,036 214,642 4.50%, 09/16/2047(j) 2,346,988 343,109 6.10% (6.20% - (1.00 x 1 mo.USD LIBOR)),10/16/2047(e)(j) 2,473,070 458,595

1,872,096 Total U.S. Government Sponsored Agency

Mortgage-Backed Securities(Cost $28,463,901)

29,253,785

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Agency Credit Risk Transfer Notes–0.50% Fannie Mae Connecticut

Avenue Securities, Series 2016-C02, Class 1M2,6.08% (1 mo. USD LIBOR +6.00%), 09/25/2028(e) $ 1,946,075 $ 2,039,027 Series 2018-R07, Class 1M2,2.48% (1 mo. USD LIBOR +2.40%), 04/25/2031(b)(e) 1,065,941 1,071,419 Series 2019-R02, Class 1M2,2.38% (1 mo. USD LIBOR +2.30%), 08/25/2031(b)(e) 457,377 460,861 Series 2019-R03, Class 1M2,2.23% (1 mo. USD LIBOR +2.15%), 09/25/2031(b)(e) 439,642 442,726

Freddie Mac, Series 2013-DN2, Class M2,STACR® , 4.33% (1 mo. USDLIBOR + 4.25%),11/25/2023(e) 1,620,475 1,658,333 Series 2014-DN1, Class M3,STACR® , 4.58% (1 mo. USDLIBOR + 4.50%),02/25/2024(e) 968,202 996,918 Series 2014-DN3, Class M3,STACR® , 4.08% (1 mo. USDLIBOR + 4.00%),08/25/2024(e) 830,555 847,275 Series 2014-HQ2, Class M3,STACR® , 3.83% (1 mo. USDLIBOR + 3.75%),09/25/2024(e) 1,972,197 2,033,625 Series 2014-DN4, Class M3,STACR® , 4.63% (1 mo. USDLIBOR + 4.55%),10/25/2024(e) 120,139 122,965 Series 2016-DNA2,Class M3, STACR® , 4.73%(1 mo. USD LIBOR + 4.65%),10/25/2028(e) 844,450 878,180 Series 2018-HQA1,Class M2, STACR® , 2.38%(1 mo. USD LIBOR + 2.30%),09/25/2030(e) 1,188,732 1,205,301 Series 2018-DNA2,Class M1, STACR® , 0.88%(1 mo. USD LIBOR + 0.80%),12/25/2030(b)(e) 556,563 556,628 Series 2018-HRP1,Class M2, STACR® , 1.73%(1 mo. USD LIBOR + 1.65%),04/25/2043(b)(e) 1,832,452 1,837,996 Series 2018-DNA3,Class M1, STACR® , 0.83%(1 mo. USD LIBOR + 0.75%),09/25/2048(b)(e) 2,126 2,126 Series 2018-HQA2,Class M1, STACR® , 0.83%(1 mo. USD LIBOR + 0.75%),10/25/2048(b)(e) 364,551 364,583 Series 2019-HRP1,Class M2, STACR® , 1.48%(1 mo. USD LIBOR + 1.40%),02/25/2049(b)(e) 827,900 833,577 Series 2020-DNA5,Class M1, STACR® , 1.35%(30 Day Average SOFR +1.30%), 10/25/2050(b)(e) 71,898 71,900

Total Agency Credit Risk Transfer Notes(Cost $15,548,091)

15,423,440

Shares Value Preferred Stocks–0.13% Diversified Banks–0.07% JPMorgan Chase & Co., 3.60%,

Series I, Pfd.(e) 1,956,000 $ 1,960,459

Regional Banks–0.06% PNC Financial Services Group,

Inc. (The), 6.13%, Series P,Pfd.(d) 75,000 1,950,750

Total Preferred Stocks (Cost $4,017,157) 3,911,209


Portfolio, Institutional Class,0.03%(n)(o) 64,807,538 64,807,538

Invesco Liquid Assets Portfolio,Institutional Class, 0.01%(n)(o) 45,670,970 45,689,238

Invesco Treasury Portfolio,Institutional Class, 0.01%(n)(o) 74,065,757 74,065,757


184,562,533

TOTAL INVESTMENTS IN SECURITIES(excluding investments purchased with cashcollateral from securities on loan)-100.00%(Cost $3,043,472,968)

3,097,536,868


Money Market Funds–2.65% Invesco Private Government

Fund, 0.02%(n)(o)(p) 24,636,243 24,636,243 Invesco Private Prime Fund,

0.11%(n)(o)(p) 57,461,582 57,484,568 Total Investments Purchased with Cash

Collateral from Securities on Loan(Cost $82,120,811)

82,120,811 TOTAL INVESTMENTS IN

SECURITIES–102.65%(Cost $3,125,593,779)

3,179,657,679 OTHER ASSETS LESS LIABILITIES–(2.65)% (82,206,495) NET ASSETS–100.00% $3,097,451,184

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ARM – Adjustable Rate MortgageCLO – Collateralized Loan ObligationCOF – Cost of FundsCtfs. – CertificatesIO – Interest OnlyLIBOR – London Interbank Offered RatePfd. – PreferredPO – Principal OnlyREIT – Real Estate Investment TrustREMICs – Real Estate Mortgage Investment ConduitsSOFR – Secured Overnight Financing RateSTACR® – Structured Agency Credit RiskSTRIPS – Separately Traded Registered Interest and Principal SecurityUSD – U.S. Dollar



(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Theaggregate value of these securities at August 31, 2021 was $1,222,910,718, which represented 39.48% of the Fund’s Net Assets.

(c) All or a portion of this security was out on loan at August 31, 2021.(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(f) Perpetual bond with no specified maturity date.(g) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.(h) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any

applicable fees. The rate shown is the rate in effect on August 31, 2021.(i) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest

rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees.The rate shown is the rate in effect on August 31, 2021.

(j) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.(k) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.(l) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(m) Zero coupon bond issued at a discount.(n) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser


ValueFebruary 28,

2021 Purchases

at Cost Proceeds

from Sales

Change inUnrealized


RealizedGain

ValueAugust 31,

2021 DividendIncome

Investments in AffiliatedMoney Market Funds:

Invesco Government &Agency Portfolio,Institutional Class $ 52,258,944 $ 211,320,890 $ (198,772,296) $ - $ - $ 64,807,538 $ 5,041

Invesco Liquid AssetsPortfolio, InstitutionalClass 38,508,674 150,142,844 (142,962,279) (4,776) 4,775 45,689,238 1,481

Invesco Treasury Portfolio,Institutional Class 59,724,507 241,509,588 (227,168,338) - - 74,065,757 2,214

Investments Purchasedwith Cash Collateralfrom Securities onLoan:

Invesco PrivateGovernment Fund 1,957,312 190,015,939 (167,337,008) - - 24,636,243 1,195*

Invesco Private Prime Fund 2,935,968 341,403,650 (286,855,051) - - 57,484,568 17,956*Total $155,385,405 $1,134,392,911 $(1,023,094,972) $(4,776) $4,775 $266,683,344 $27,887 * Represents the income earned on the investment of cash collateral, which is included in securities lending income on the

Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(o) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.(p) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions

upon the borrower’s return of the securities loaned. See Note 1I.


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Unrealized Number of Expiration Notional Appreciation Long Futures Contracts Contracts Month Value Value (Depreciation) Interest Rate Risk U.S. Treasury 2 Year Notes 6,011 December-2021 $1,324,392,366 $ 791,388 $ 791,388

Short Futures Contracts Interest Rate Risk U.S. Treasury 5 Year Notes 4,609 December-2021 (570,219,719) (1,332,287) (1,332,287) U.S. Treasury 10 Year Notes 686 December-2021 (91,548,844) (321,563) (321,563) U.S. Treasury Long Bond 53 December-2021 (8,637,344) (28,156) (28,156)

Subtotal–Short Futures Contracts (1,682,006) (1,682,006) Total Futures Contracts $ (890,618) $ (890,618)

Portfolio CompositionBy security type, based on Net Assetsas of August 31, 2021 U.S. Dollar Denominated Bonds & Notes 69.53% Asset-Backed Securities 18.37 U.S. Treasury Securities 4.57 Security Types Each Less Than 1% of Portfolio 1.57 Money Market Funds Plus Other Assets Less Liabilities 5.96


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(Cost $ 2,858,910,673)* $2,912,974,335

Investments in affiliated money market funds,at value (Cost $ 266,683,106) 266,683,344


contracts 66,771



Dividends 2,019

Interest 14,622,871

Principal paydowns 171






Dividends 687,021


Amount due custodian 74,931,390










$3,097,451,184

Net Assets: Class A $1,495,639,672

Class C $ 224,464,261

Class R $ 48,827,833

Class Y $ 648,106,847

Class R5 $ 538,904

Class R6 $ 679,873,667

Shares outstanding, no par value, with an unlimited numberof shares authorized:

Class A 173,199,578

Class C 25,986,938

Class R 5,640,706

Class Y 75,009,875

Class R5 62,516

Class R6 78,642,223


Maximum offering price per share (Netasset value of $8.64 ÷ 97.50%) $ 8.86







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Dividends 57,422

Dividends from affiliated money market funds (includes securities lending income of $ 31,613) 40,349






Class C 758,097

Class R 124,556

Transfer agent fees – A, C, R and Y 1,481,775







Other 30,216









4,498,480

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (12,241,482)

Affiliated investment securities (4,776)


(18,825,825)

Net realized and unrealized gain (loss) (14,327,345)

Net increase in net assets resulting from operations $ 9,206,071


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August 31,

2021 February 28,

2021






Class C (1,393,626) (3,762,523)

Class R (291,655) (620,089)

Class Y (5,353,843) (10,686,786)

Class R5 (4,700) (12,423)

Class R6 (6,056,604) (15,233,317)



Class C (11,514,166) 74,797,503

Class R (1,394,887) 43,002,288

Class Y 21,815,300 469,541,828

Class R5 17,210 25,151

Class R6 37,881,276 (2,255,738)

Net increase in net assets resulting from share transactions 22,120,438 1,432,950,479

Net increase in net assets 6,618,007 1,478,805,824


End of period $3,097,451,184 $3,090,833,177


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Financial Highlights(Unaudited)The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. Ratio of Ratio of expenses expenses Net gains to average to average net (losses) net assets assets without Ratio of net Net asset on securities Dividends with fee waivers fee waivers investment value, Net (both Total from from net Net asset Net assets, and/or and/or income beginning investment realized and investment investment Return of Total value, end Total end of period expenses expenses to average Portfolio of period income(a) unrealized) operations income capital distributions of period return(b) (000’s omitted) absorbed absorbed net assets turnover(c) Class A Six months ended 08/31/21 $ 8.68 $ 0.06 $ (0.03) $ 0.03 $ (0.07) $ – $ (0.07) $ 8.64 0.30% $ 1,495,640 0.62%(d) 0.62%(d) 1.44%(d) 59% Year ended 02/28/21 8.66 0.16 0.04 0.20 (0.18) – (0.18) 8.68 2.33 1,527,875 0.63 0.63 1.85 245 Year ended 02/29/20 8.47 0.23 0.20 0.43 (0.23) (0.01) (0.24) 8.66 5.08 655,357 0.65 0.65 2.62 155 Year ended 02/28/19 8.51 0.21 (0.03) 0.18 (0.22) – (0.22) 8.47 2.19 591,443 0.64 0.65 2.52 176 Year ended 02/28/18 8.61 0.17 (0.10) 0.07 (0.17) – (0.17) 8.51 0.79 395,766 0.65 0.66 1.98 198 Year ended 02/28/17 8.47 0.14 0.15 0.29 (0.15) – (0.15) 8.61 3.39 435,592 0.65 0.66 1.59 294 Class C Six months ended 08/31/21 8.68 0.05 (0.04) 0.01 (0.05) – (0.05) 8.64 0.14 224,464 0.97(d) 1.12(d) 1.09(d) 59 Year ended 02/28/21 8.66 0.13 0.03 0.16 (0.14) – (0.14) 8.68 1.93 237,167 0.98 0.98 1.50 245 Year ended 02/29/20 8.47 0.19 0.21 0.40 (0.20) (0.01) (0.21) 8.66 4.71 158,968 1.00 1.15 2.27 155 Year ended 02/28/19 8.51 0.18 (0.03) 0.15 (0.19) – (0.19) 8.47 1.83 140,247 0.99 1.15 2.17 176 Year ended 02/28/18 8.61 0.14 (0.10) 0.04 (0.14) – (0.14) 8.51 0.44 391,791 1.00 1.16 1.63 198 Year ended 02/28/17 8.47 0.11 0.15 0.26 (0.12) – (0.12) 8.61 3.03 451,018 1.00 1.16 1.24 294 Class R Six months ended 08/31/21 8.70 0.05 (0.04) 0.01 (0.05) – (0.05) 8.66 0.13 48,828 0.97(d) 0.97(d) 1.09(d) 59 Year ended 02/28/21 8.68 0.13 0.04 0.17 (0.15) – (0.15) 8.70 1.98 50,473 0.98 0.98 1.50 245 Year ended 02/29/20 8.49 0.20 0.20 0.40 (0.20) (0.01) (0.21) 8.68 4.70 6,210 1.00 1.00 2.27 155 Year ended 02/28/19 8.53 0.18 (0.03) 0.15 (0.19) – (0.19) 8.49 1.84 5,035 0.99 1.00 2.17 176 Year ended 02/28/18 8.62 0.14 (0.09) 0.05 (0.14) – (0.14) 8.53 0.55 4,693 1.00 1.01 1.63 198 Year ended 02/28/17 8.49 0.11 0.14 0.25 (0.12) – (0.12) 8.62 2.90 6,466 1.00 1.01 1.24 294 Class Y Six months ended 08/31/21 8.68 0.07 (0.04) 0.03 (0.07) – (0.07) 8.64 0.38 648,107 0.47(d) 0.47(d) 1.59(d) 59 Year ended 02/28/21 8.66 0.17 0.04 0.21 (0.19) – (0.19) 8.68 2.50 629,462 0.45 0.48 2.03 245 Year ended 02/29/20 8.48 0.24 0.19 0.43 (0.24) (0.01) (0.25) 8.66 5.11 146,159 0.50 0.50 2.77 155 Year ended 02/28/19 8.52 0.23 (0.03) 0.20 (0.24) – (0.24) 8.48 2.35 134,272 0.49 0.50 2.67 176 Year ended 02/28/18 8.61 0.18 (0.09) 0.09 (0.18) – (0.18) 8.52 1.06 128,874 0.50 0.51 2.13 198 Year ended 02/28/17 8.48 0.15 0.14 0.29 (0.16) – (0.16) 8.61 3.42 129,794 0.50 0.51 1.74 294 Class R5 Six months ended 08/31/21 8.66 0.07 (0.03) 0.04 (0.08) – (0.08) 8.62 0.42 539 0.40(d) 0.40(d) 1.66(d) 59 Year ended 02/28/21 8.65 0.18 0.03 0.21 (0.20) – (0.20) 8.66 2.48 524 0.38 0.38 2.10 245 Year ended 02/29/20 8.47 0.25 0.18 0.43 (0.24) (0.01) (0.25) 8.65 5.20 496 0.40 0.40 2.87 155 Year ended 02/28/19 8.51 0.23 (0.03) 0.20 (0.24) – (0.24) 8.47 2.45 1,765 0.39 0.40 2.77 176 Year ended 02/28/18 8.60 0.19 (0.09) 0.10 (0.19) – (0.19) 8.51 1.17 1,699 0.38 0.39 2.25 198 Year ended 02/28/17 8.47 0.16 0.14 0.30 (0.17) – (0.17) 8.60 3.54 1,220 0.39 0.40 1.85 294 Class R6 Six months ended 08/31/21 8.69 0.07 (0.03) 0.04 (0.08) – (0.08) 8.65 0.44 679,874 0.36(d) 0.36(d) 1.70(d) 59 Year ended 02/28/21 8.67 0.18 0.04 0.22 (0.20) – (0.20) 8.69 2.62 645,331 0.35 0.35 2.13 245 Year ended 02/29/20 8.49 0.25 0.19 0.44 (0.25) (0.01) (0.26) 8.67 5.23 644,838 0.37 0.37 2.90 155 Year ended 02/28/19 8.53 0.24 (0.03) 0.21 (0.25) – (0.25) 8.49 2.46 564,219 0.38 0.39 2.78 176 Year ended 02/28/18 8.62 0.19 (0.09) 0.10 (0.19) – (0.19) 8.53 1.17 575,750 0.38 0.39 2.25 198 Year ended 02/28/17 8.48 0.16 0.15 0.31 (0.17) – (0.17) 8.62 3.66 499,674 0.39 0.40 1.85 294

(a) Calculated using average shares outstanding.(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those

net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended, February 28, 2021, the portfolio turnover calculation excludes the value of

securities purchased of $1,288,591,313 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.(d) Annualized.


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NOTE 1–Significant Accounting PoliciesInvesco Short Term Bond Fund (the “Fund”), is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds)(the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, asamended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares ofbeneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each classwill be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y












B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses


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on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, ifany) is recorded on the ex-dividend date.




C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule ofInvestments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based onvarious factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains aprincipal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market forthe issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are thecountry in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, thenature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be theUnited States of America, unless otherwise noted.








I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Suchloans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lendingprovider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies.Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money marketfunds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment ofcollateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the nextbusiness day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily lessthan the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, includingthe economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and tothe extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly,and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or theFund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon thefailure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market toreplace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities maylose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lendingagent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss onthe collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net ofcompensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. Theaggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market pricemovements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell aspecified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixedprice at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date andunderlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation ofspecific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open,changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a dailybasis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses areincurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities . When the contracts areclosed or expire, the Fund recognizes a realized gain or loss equal to the difference


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between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and thechange in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primaryrisks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable toliquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk withrespect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futurescontracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures,guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interestrate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out theuse of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selectionof widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remainsuncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fundor the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics ofany alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments usingan alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption ofalternative reference rates could result in losses to the Fund.

L. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is theFund’s practice to replace such collateral no later than the next business day.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally.The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2—Advisory Fees and Other Fees Paid to AffiliatesThe Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under theterms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annualrate of the Fund’s average daily net assets as follows:

Average Daily Net Assets RateFirst $ 500 million 0.350%Next $500 million 0.325%Next $1.5 billion 0.300%Next $2.5 billion 0.290%Over $5 billion 0.280%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.31%.Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland

GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco SeniorSecured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% ofthe fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fundbased on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through June 30, 2022 to waive advisory fees and/or reimburse expenses of all shares to theextent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 1.75% (after 12b-1 fee waivers), 1.75%,1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. Prior to June 1, 2021, the Adviser has contractually agreed,through May 31, 2021 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fundoperating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C,Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.59% (after 12b-1 fee waivers), 1.09%, 0.45%, 0.44% and 0.39%, respectively,of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, thefollowing expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expensereimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary itemsor non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of anexpense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the feewaiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval ofthe Board of Trustees.


For the six months ended August 31, 2021, the Adviser waived advisory fees of $13,416 and reimbursed class level expenses of $0, $0,$0, $14,707, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.



The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 underthe 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans,pays IDI compensation at the annual rate of 0.15% of the Fund’s average daily net assets of Class A shares, 0.65% of the average daily netassets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of thePlan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholderservices to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans wouldconstitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total salescharges, including asset-based sales 28 Invesco Short Term Bond Fund

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Page 1 of 1charges, that may be paid by any class of shares of the Fund. IDI has contractually agreed, through at least June 30, 2022, to waive 12b-1fees for Class C shares to the extent necessary to limit 12b-1 fees to 0.50% of average daily net assets. 12b-1 fees before fee waiversunder this agreement are shown as Distribution fees in the Statement of Operations. For the six months ended August 31, 2021, 12b-1 feesincurred for Class C shares were $583,152 after fee waivers of $174,945.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI retained $66,902 in front-end sales commissions from the sale of Class A shares and $106,640 and $137 from Class A andClass C shares, respectively, for CDSC imposed upon redemptions by shareholders.


NOTE 3 – Additional Valuation InformationGAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.Level 2

–


Level 3

–


The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuationsmay not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties ofvaluation, the values reflected in the financial statements may materially differ from the value received upon actual sale of thoseinvestments.



U.S. Dollar Denominated Bonds & Notes $ – $2,153,778,543 $ – $2,153,778,543

Asset-Backed Securities – 569,060,542 – 569,060,542


U.S. Government Sponsored Agency Mortgage-Backed Securities – 29,253,785 – 29,253,785

Agency Credit Risk Transfer Notes – 15,423,440 – 15,423,440

Preferred Stocks 1,950,750 1,960,459 – 3,911,209

Money Market Funds 184,562,533 82,120,811 – 266,683,344

Total Investments in Securities 186,513,283 2,993,144,396 – 3,179,657,679

Other Investments – Assets*

Futures Contracts 791,388 – – 791,388

Other Investments – Liabilities*

Futures Contracts (1,682,006) – – (1,682,006)

Total Other Investments (890,618) – – (890,618)

Total Investments $185,622,665 $2,993,144,396 $ – $3,178,767,061

* Unrealized appreciation (depreciation).

NOTE 4–Derivative InvestmentsThe Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which afund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral postingarrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk throughnetting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing lawof the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA MasterAgreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-EndThe table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

Value

Derivative Assets Interest

Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded(a) $ 791,388

Derivatives not subject to master netting agreements (791,388)

Total Derivative Assets subject to master netting agreements $ –


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Derivative Liabilities Interest

Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded(a) $(1,682,006)

Derivatives not subject to master netting agreements 1,682,006

Total Derivative Liabilities subject to master netting agreements $ –

(a) The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.




Interest

Rate Risk

Realized Gain: Futures contracts $ 382,916

Change in Net Unrealized Appreciation (Depreciation): Futures contracts (6,579,567)

Total $ (6,196,651)


Futures

Contracts

Average notional value $2,142,115,468











Capital Loss Carryforward* Expiration Short-Term Long-Term Total Not subject to expiration $24,625,523 $37,460,892 $62,086,415

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upona variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.


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NOTE 9–Investment TransactionsThe aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, ifany) purchased and sold by the Fund during the six months ended August 31, 2021 was $712,725,261 and $754,554,514, respectively.Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the mostrecently completed federal income tax reporting period-end.











Sold: Class A 24,949,212 $ 215,881,363 58,881,176 $ 505,448,194

Class C 4,783,374 41,401,644 13,661,101 117,320,096

Class R 677,137 5,874,832 1,792,362 15,480,563

Class Y 18,158,112 157,219,767 44,840,702 385,439,426

Class R5 4,904 42,362 14,730 124,587

Class R6 9,402,491 81,475,612 11,206,731 96,386,151


Class C 131,919 1,142,093 362,060 3,104,680

Class R 33,075 286,940 70,805 611,740

Class Y 373,280 3,231,427 749,468 6,456,337

Class R5 527 4,548 1,406 12,017

Class R6 683,874 5,923,628 1,745,870 14,966,771


Class C (852,230) (7,373,760) (5,113,278) (44,216,450)

Issued in connection with acquisitions:(b) Class A - - 81,158,649 682,135,260

Class C - - 11,583,605 97,310,533

Class R - - 4,433,094 37,326,256

Class Y - - 45,739,122 384,550,934

Class R5 - - 1,183 9,928

Class R6 - - 15,510,515 130,528,698


Class C (5,394,084) (46,684,143) (11,536,618) (98,721,356)

Class R (871,181) (7,556,659) (1,210,156) (10,416,271)

Class Y (16,011,776) (138,635,894) (35,707,062) (306,904,869)

Class R5 (3,436) (29,700) (14,102) (121,381)

Class R6 (5,719,806) (49,517,964) (28,533,148) (244,137,358)

Net increase in share activity 2,543,263 $ 22,120,438 169,994,729 $1,432,950,479



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Page 1 of 1(b) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Bond Fund

(the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. Thereorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition wasaccomplished by a tax-free exchange of 158,426,168 shares of the Fund for 298,121,720 shares outstanding of the Target Fund as ofthe close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based onthe relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The TargetFund’s net assets as of the close of business on May 15, 2020 of $1,331,861,609, including $(3,211,961) of unrealized appreciation(depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were$1,589,317,925 and $2,921,179,534 immediately after the acquisition.


Net investment income $59,556,930

Net realized/unrealized gains 1,730,190

Change in net assets resulting from operations $61,287,120

NOTE 11–Subsequent EventEffective November 1, 2021, Class C shares of the Fund are subject to a CDSC. If a shareholder acquires Class C shares of any other fundas a result of an exchange involving Class C shares of the Fund that were not subject to a CDSC prior to November 1, 2021, then theshares acquired as a result of the exchange will not be subject to a CDSC. 32 Invesco Short Term Bond Fund

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Actual expenses







Class A $1,000.00 $1,003.00 $3.13 $1,022.08 $3.16 0.62% Class C 1,000.00 1,001.40 4.89 1,020.32 4.94 0.97 Class R 1,000.00 1,001.30 4.89 1,020.32 4.94 0.97 Class Y 1,000.00 1,003.80 2.37 1,022.84 2.40 0.47

Class R5 1,000.00 1,004.20 2.02 1,023.19 2.04 0.40 Class R6 1,000.00 1,004.40 1.82 1,023.39 1.84 0.36




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the InvescoShort Term Bond Fund’s (the Fund) MasterInvestment Advisory Agreement with InvescoAdvisers, Inc. (Invesco Advisers and theinvestment advisory agreement) and theMaster Intergroup Sub-Advisory Contract forMutual Funds with Invesco AssetManagement Deutschland GmbH, InvescoAsset Management Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and thesub-advisory contracts and determined thatthe compensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts. As part of the contract renewal process,the Board reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the Invesco Funds’ proposedmanagement fees are negotiated during theannual contract renewal process to ensurethey are negotiated in a manner that is atarms’ length and reasonable. In addition tomeetings with Invesco Advisers and fundcounsel

throughout the year and as part of meetingsconvened on April 27, 2021 and June 10,2021, the independent Trustees also discussedthe continuance of the investment advisoryagreement and sub-advisory contracts inseparate sessions with the Senior Officer andwith independent legal counsel. The discussion below is a summary of theSenior Officer’s independent written evaluationwith respect to the Fund’s investment advisoryagreement and sub-advisory contracts, as wellas a discussion of the material factors andrelated conclusions that formed the basis forthe Board’s approval of the Fund’s investmentadvisory agreement and sub-advisorycontracts. The Trustees’ review andconclusions are based on the comprehensiveconsideration of all information presented tothem during the course of the year and in prioryears and are not the result of any singledeterminative factor. Moreover, one Trusteemay have weighed a particular piece ofinformation or factor differently than anotherTrustee. The information received andconsidered by the Board was current as ofvarious dates prior to the Board’s approval onJune 10, 2021.Factors and Conclusions and Summary ofIndependent Written Fee EvaluationA. Nature, Extent and Quality of Services



an investment management business, as wellas its commitment of financial and otherresources to such business. The Boardconcluded that the nature, extent and qualityof the services provided to the Fund byInvesco Advisers are appropriate andsatisfactory. The Board reviewed the services that maybe provided by the Affiliated Sub-Advisersunder the sub-advisory contracts and thecredentials and experience of the officers andemployees of the Affiliated Sub-Advisers whoprovide these services. The Board noted theAffiliated Sub-Advisers’ expertise with respectto certain asset classes and that the AffiliatedSub-Advisers have offices and personnel thatare located in financial centers around theworld. As a result, the Board noted that theAffiliated Sub-Advisers can provide researchand investment analysis on the markets andeconomies of various countries in which theFund may invest, make recommendationsregarding securities and assist with securitytrades. The Board concluded that thesub-advisory contracts may benefit the Fundand its shareholders by permitting InvescoAdvisers to use the resources and talents ofthe Affiliated Sub-Advisers in managing theFund. The Board concluded that the nature,extent and quality of the services that may beprovided to the Fund by the AffiliatedSub-Advisers are appropriate andsatisfactory.

B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement. The Boarddid not view Fund investment performance asa relevant factor in considering whether toapprove the sub-advisory contracts for theFund, as no Affiliated Sub-Adviser currentlymanages assets of the Fund. The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe and against theBloomberg U.S. Government & Credit 1-3Year Index (Index). The Board noted thatperformance of Class A shares of the Fundwas in the fourth quintile of its performanceuniverse for the one year period, the thirdquintile for the three year period and thesecond quintile for the five year period (thefirst quintile being the best performing fundsand the fifth quintile being the worstperforming funds). The Board noted thatduration positioning and security selection incertain sectors detracted from Fundperformance. The Board noted thatperformance of Class A shares of the Fundwas reasonably comparable to theperformance of the Index for the one andthree year periods and above theperformance of the Index for the five yearperiod. The Board recognized that theperformance data reflects a snapshot in timeas of a particular date and that selecting adifferent performance period could producedifferent results. The Board also reviewedmore recent Fund performance as well asother performance metrics, which did notchange its conclusions.

C. Advisory and Sub-Advisory Fees andFund Expenses

The Board compared the Fund’s contractualmanagement fee rate to the contractualmanagement fee rates of funds in the Fund’sBroadridge expense group. The Board notedthat the contractual

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management fee rate for Class A shares ofthe Fund was below the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe term “contractual management fee” forfunds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components. The Board noted that Invesco Advisershas contractually agreed to waive feesand/or limit expenses of the Fund for theterm disclosed in the Fund’s registrationstatement in an amount necessary to limittotal annual operating expenses to aspecified percentage of average daily netassets for each class of the Fund. The Board noted that Invesco Advisersand the Affiliated Sub-Advisers do notmanage other similarly managed mutualfunds or client accounts. The Board also considered the servicesthat may be provided by the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the AffiliatedSub-Advisers pursuant to the sub-advisorycontracts.

D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent towhich such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefitsfrom economies of scale throughcontractual breakpoints in the Fund’sadvisory fee schedule, which generallyoperate to reduce the Fund’s expense ratioas it grows in size. The Board noted thatthe Fund also shares in economies ofscale through Invesco Advisers’ ability tonegotiate lower fee arrangements withthird party service providers. The Boardnoted that the Fund may also benefit fromeconomies of scale through initial feesetting, fee waivers and expensereimbursements, as well as InvescoAdvisers’ investment in its business,including investments in businessinfrastructure, technology andcybersecurity.

E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs ofthe advisory and other services thatInvesco Advisers and its affiliates provideto the Fund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individualFund-by-Fund basis. The Boardconsidered the methodology used forcalculating profitability and noted that suchmethodology had recently been reviewedand enhanced. The Board noted thatInvesco Advisers continues to operate at anet profit from services Invesco Advisersand its affiliates provide to the InvescoFunds in the aggregate and to most Fundsindividually. The Board did not deem the

Advisers provided information demonstratingthat Invesco Advisers is financially soundand has the resources necessary to performits obligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.

F. Collateral Benefits to Invesco Advisers and itsAffiliates

The Board considered various other benefitsreceived by Invesco Advisers and itsaffiliates from the relationship with the Fund,including the fees received for providingadministrative, transfer agency anddistribution services to the Fund. The Boardreceived comparative information regardingfees charged for these services, includinginformation provided by Broadridge andother independent sources. The Boardreviewed the performance of InvescoAdvisers and its affiliates in providing theseservices and the organizational structureemployed to provide these services. TheBoard noted that these services areprovided to the Fund pursuant to writtencontracts that are reviewed and subject toapproval on an annual basis by the Boardbased on its determination that the servicesare required for the operation of the Fund. The Board considered the benefitsrealized by Invesco Advisers and theAffiliated Sub-Advisers as a result ofportfolio brokerage transactions executedthrough “soft dollar” arrangements. InvescoAdvisers noted that the Fund does notexecute brokerage transactions through“soft dollar” arrangements to any significantdegree. The Board considered that the Fund’suninvested cash and cash collateral fromany securities lending arrangements may beinvested in registered money market fundsor, with regard to securities lending cashcollateral, unregistered funds that complywith Rule 2a-7 (collectively referred to as“affiliated money market funds”) advised byInvesco Advisers. The Board consideredinformation regarding the returns of theaffiliated money market funds relative tocomparable overnight investments, as wellas the fees paid by the affiliated moneymarket funds to Invesco Advisers and itsaffiliates. In this regard, the Board noted thatInvesco Advisers receives advisory feesfrom these affiliated money market fundsattributable to the Fund’s investments. TheBoard also noted that Invesco Advisers hascontractually agreed to waive throughvarying periods an amount equal to 100% ofthe net advisory fee Invesco Advisersreceives from the affiliated money marketfunds with respect to the Fund’s investmentin the affiliated money market funds ofuninvested cash, but not cash collateral. TheBoard concluded that the advisory feespayable to Invesco Advisers from the Fund’sinvestment of cash collateral from anysecurities lending arrangements in theaffiliated money market funds are forservices that are not duplicative of servicesprovided by Invesco Advisers to the Fund. The Board also received informationabout commissions that an affiliated brokermay receive for executing certain trades forthe Fund. Invesco Advisers and the AffiliatedSub-Advisers advised the Board of thebenefits to the Fund of executing tradesthrough the affiliated broker and that suchtrades were executed in compliance withrules under the federal securities laws andconsistent with best execution obligations.





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level of profits realized by Invesco Advisersand its affiliates from providing suchservices to be excessive, given the nature,extent and quality of the services provided. The Board -noted that Invesco

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∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request. Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For thesecond and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. Forthe first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to itsreports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings.Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for theFund are shown below. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfoliosecurities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month periodended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutionalclients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds,exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05686 and 033-39519 Invesco Distributors, Inc. STB-SAR-1

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209935 EDG 1INVESCOU.S. GOVERNMENT MONE



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Invesco U.S. Government Money Portfolio Nasdaq:Invesco Cash Reserve: GMQXX ∎ C: GMCXX ∎ R: GMLXX ∎ Y: OMBXX ∎ R6: GMRXX

2 Fund Information3 Schedule of Investments6 Financial Statements9 Financial Highlights10 Notes to Financial Statements14 Fund Expenses15 Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.Unless otherwise noted, all data provided by Invesco.This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more completeinformation, including sales charges and expenses. Investors should read it carefully before investing.


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You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, itcannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to theFund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risksassociated with an investment in the Fund. Team managed by Invesco Advisers, Inc. 2 Invesco U.S. Government Money Portfolio

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Interest

Rate Maturity

Date

PrincipalAmount

(000) Value

U.S. Treasury Securities-38.14% U.S. Treasury Bills-28.04%(a) U.S. Treasury Bills 0.02%-0.06% 09/02/2021 $ 30,000 $ 29,999,978

U.S. Treasury Bills 0.03% 09/07/2021 25,000 24,999,896



U.S. Treasury Bills 0.01%-0.04% 09/21/2021 65,000 64,998,819















391,934,675

U.S. Treasury Notes-10.10% U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money

Market Yield Rate + 0.30%)(b) 0.35% 10/31/2021 16,000 16,001,031

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill MoneyMarket Yield Rate + 0.11%)(b) 0.16% 04/30/2022 10,000 10,001,068





U.S. Treasury Notes 2.00% 10/31/2021 15,000 15,046,440

U.S. Treasury Notes 2.00% 07/31/2022 6,000 6,104,531

141,155,279


U.S. Government Sponsored Agency Securities-17.07% Federal Farm Credit Bank (FFCB)-8.12% Federal Farm Credit Bank (SOFR + 0.28%)(b) 0.33% 10/01/2021 15,000 15,000,000

Federal Farm Credit Bank (SOFR + 0.04%)(b) 0.09% 07/11/2022 10,000 9,999,564












See accompanying Notes to Financial Statements which are an integral part of the financial statements. 3 Invesco U.S. Government Money Portfolio

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Interest

Rate Maturity

Date

PrincipalAmount

(000) Value

Federal Farm Credit Bank (FFCB)-(continued) Federal Farm Credit Bank (SOFR + 0.03%)(b) 0.08% 06/14/2023 $ 3,500 $ 3,500,000


113,499,151

Federal Home Loan Bank (FHLB)-6.09% Federal Home Loan Bank (SOFR + 0.02%)(b) 0.07% 09/02/2021 30,000 30,000,000

Federal Home Loan Bank(a) 0.03% 10/29/2021 3,064 3,063,852

Federal Home Loan Bank (SOFR + 0.15%)(b) 0.20% 11/15/2021 10,000 10,000,000





85,063,852

Federal Home Loan Mortgage Corp. (FHLMC)-1.07% Federal Home Loan Mortgage Corp. (SOFR + 0.18%)(b) 0.23% 12/13/2021 15,000 15,000,000

Federal National Mortgage Association (FNMA)-1.79% Federal National Mortgage Association (SOFR + 0.30%)(b) 0.35% 01/07/2022 10,000 10,000,000

Federal National Mortgage Association (SOFR + 0.22%)(b) 0.27% 03/16/2022 10,000 10,000,000

Federal National Mortgage Association (SOFR + 0.20%)(b) 0.25% 06/15/2022 5,000 5,000,000

25,000,000

Total U.S. Government Sponsored Agency Securities(Cost $238,563,003) 238,563,003

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-55.21%(Cost $771,652,957)

771,652,957

Repurchase

Amount

Repurchase Agreements-46.57%(c) Credit Agricole Corporate & Investment Bank, agreement dated

08/31/2021, maturing value of $200,000,278 (collateralized by U.S.Treasury obligations valued at $204,000,356; 2.88%; 05/15/2043 -05/15/2049) 0.05% 09/01/2021 200,000,278 200,000,000

RBC Dominion Securities Inc., agreement dated 08/31/2021, maturingvalue of $226,000,314 (collateralized by U.S. Treasury obligationsand domestic agency mortgage-backed securities valued at$230,520,379; 0.00% - 5.00%; 09/30/2021 - 08/20/2051) 0.05% 09/01/2021 226,000,314 226,000,000

TD Securities (USA) LLC, term agreement dated 08/25/2021,maturing value of $225,002,406 (collateralized by domestic agencymortgage-backed securities valued at $229,502,455; 2.00% -4.50%; 07/01/2031 - 07/01/2051)(d) 0.06% 09/01/2021 225,002,406 225,000,000

Total Repurchase Agreements (Cost $651,000,000) 651,000,000

TOTAL INVESTMENTS IN SECURITIES(e)-101.78%(Cost $1,422,652,957) 1,422,652,957


NET ASSETS-100.00% $1,397,815,697


SOFR -Secured Overnight Financing Rate


(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.(b) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.(c) Principal amount equals value at period end. See Note 1I.(d) The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing

of the demand.(e) Also represents cost for federal income tax purposes.


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Portfolio Composition by Maturity*In days, as of 08/31/2021

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the InvestmentCompany Act of 1940.


1-7 50.9% 8-30 8.6 31-60 2.4 61-90 6.9 91-180 8.0 181+ 23.2

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Assets: Investments in unaffiliated securities,

excluding repurchase agreements, at valueand cost $ 771,652,957

Repurchase agreements, at value and cost 651,000,000

Cash 1,032,163


Interest 180,866

Fund expenses absorbed 607,637


Other assets 30







Accrued operating expenses 18,308





Distributable earnings (loss) (165,714)

$1,397,815,697

Net Assets: Invesco Cash Reserve $ 47,759,443

Class C $ 7,695,618

Class R $ 4,845,762

Class Y $1,337,504,874

Class R6 $ 10,000

Shares outstanding, no par value, unlimitednumber of shares authorized:

Invesco Cash Reserve 47,758,558

Class C 7,695,449

Class R 4,845,669

Class Y 1,337,481,260

Class R6 10,000

Net asset value, offering and redemption priceper share for each class $ 1.00

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Statement of OperationsFor the six months ended August 31, 2021(Unaudited) Investment income: Interest $ 490,834




Distribution fees: Invesco Cash Reserve 40,472

Class C 47,433

Class R 13,076

Transfer agent fees - Invesco Cash Reserve, C, R and Y 1,860,513

Transfer agent fees - R6 5





Other 3,863


Less: Fees waived and expenses reimbursed (5,069,012)



Net realized gain from unaffiliated investment securities 10,107

Net increase in net assets resulting from operations $ 50,930


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August 31,

2021 February 28,

2021

Operations: Net investment income $ 40,823 $ 618,237

Net realized gain 10,107 5,310

Net increase in net assets resulting from operations 50,930 623,547

Distributions to shareholders from distributable earnings: Invesco Cash Reserve (1,862) (8,309)

Class C (327) (1,070)

Class R (179) (573)

Class Y (38,453) (608,278)

Class R6 (2) (7)

Total distributions from distributable earnings (40,823) (618,237)

Share transactions-net: Invesco Cash Reserve (12,944,995) 47,829,569

Class C (3,323,502) 8,705,815

Class R (1,011,460) 4,757,966

Class Y (133,004,067) (88,128,122)

Net increase (decrease) in net assets resulting from share transactions (150,284,024) (26,834,772)

Net increase (decrease) in net assets (150,273,917) (26,829,462)


End of period $1,397,815,697 $1,548,089,614


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LSWP64RS3521.10.7.0


(Unaudited)


Net assetvalue,

beginningof period

Netinvestm

entincom

e (a)

Net gains(losses)

on�securities(both

realized�andunrealized)

Total frominvestm

entoperations

Dividendsfrom

netinvestm

entincom

e

Distributionsfrom

netrealizedgains

Total

distributions

Net�assetvalue,�endof�period

Total

return (b)

Net assets,end of period

(000’s�omitted)

Ratio ofexpenses

to�averagenet assets

with�fee�waiversand/or�expenses

absorbed

Ratio ofexpenses

to�averagenet�assets

withoutfee�waivers

and/or�expensesabsorbed (c)

Ratio�of netinvestm

entincom

eto�averagenet�assets

Invesco Cash R

eserve

Six m


$1.00

$0.00

$0.00

$0.00

$(0.00)

$ -

$(0.00)

$1.00

0.00%

$47,759

0.06%(d)

0.88%

(d) 0.01%

(d)Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.03

60,704

0.18

0.89

0.04Seven m


1.00

0.01

(0.00)

0.01

(0.01)

-

(0.01)

1.00

0.66

12,874

0.72 (d)

0.94 (d)

1.14 (d)

Period ended 07/31/19 (e)

1.00

0.00

0.00

0.00

(0.00)

(0.00)

(0.00)

1.00

0.30

3,285

0.67 (d)

0.86 (d)

1.67 (d)

Class C


1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.00

7,696

0.06 (d)

1.73 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.01

11,019

0.19

1.74

0.03Seven m


1.00

0.00

(0.00)

0.00

(0.00)

-

(0.00)

1.00

0.17

2,313

1.55 (d)

1.79 (d)

0.31 (d)


1.00

0.00

0.00

0.00

(0.00)

(0.00)

(0.00)

1.00

0.16

497

1.43 (d)

1.64 (d)

0.91 (d)

Class R


1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.00

4,846

0.06 (d)

1.23 (d)

0.01 (d) Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.02

5,857

0.19

1.24

0.03Seven m


1.00

0.00

(0.00)

0.00

(0.00)

-

(0.00)

1.00

0.46

1,099

1.05 (d)

1.28 (d)

0.81 (d)


1.00

0.00

0.00

0.00

(0.00)

(0.00)

(0.00)

1.00

0.23

182

1.08 (d)

1.08 (d)

1.27 (d)

Class Y


1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.00

1,337,505

0.06 (d)

0.73 (d)

0.01 (d)

Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.04

1,470,499

0.18

0.74

0.04Seven m


1.00

0.01

(0.00)

0.01

(0.01)

-

(0.01)

1.00

0.74

1,558,623

0.58 (d)

0.80 (d)

1.28 (d) Year ended 07/31/19

1.00

0.02

0.00

0.02

(0.02)

(0.00)

(0.02)

1.00

1.77

1,669,766

0.58

0.62

1.76

Year ended 07/31/18

1.00

0.01

(0.00)

0.01

(0.01)

-

(0.01)

1.00

0.84

40,384

0.60

0.61

0.83

Year ended 07/31/17

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.10

42,261

0.51

0.64

0.07

Year ended 07/31/16

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.01

92,494

0.45

0.64

0.01

Class R

6

Six m


1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.00

10

0.06 (d)

0.58 (d)

0.01 (d)

Year ended 02/28/21

1.00

0.00

0.00

0.00

(0.00)

-

(0.00)

1.00

0.05

10

0.16

0.57

0.06


1.00

0.01

(0.00)

0.01

(0.01)

-

(0.01)

1.00

0.80

10

0.48 (d)

0.54 (d)

1.38 (d) Period ended 07/31/19 (e)

1.00

0.00

0.00

0.00

(0.00)

(0.00)

(0.00)

1.00

0.34

10

0.48 (d)

0.48 (d)

1.88 (d) (a)




nited States of America.

(c) D

oes not include indirect expenses from affiliated fund fees and expenses of 0.00%

for the seven months ended February 29, 2020 and the years ended July 31, 2019, 2018 and 2017, respectively.

(d) Annualized.

(e) C

omm





ents. 9

Invesco U

.S. Governm

ent Money Portfolio

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Invesco U.S. Government Money Portfolio, (the “Fund”) is a series portfolio of AIM Investment Securities Funds (Invesco InvestmentSecurities Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficialinterest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will bevoted on exclusively by the shareholders of such Fund or each class. The Fund’s investment objective is to seek income consistent with stability of principal. The Fund currently consists of five different classes of shares: Invesco Cash Reserve, Class C, Class R, Class Y and Class R6. Class Yshares are available only to certain investors. Class C shares are sold with a contingent deferred sales charges (“CDSC”). Invesco CashReserve, Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligiblefor automatic conversion into Invesco Cash Reserve shares of the same Fund (the “Conversion Feature”). The automatic conversionpursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class Cshares. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordancewith Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constantNAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fullyby cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gaterequirement at this time, as permitted by Rule 2a-7. The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by

Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constantamortization to maturity of any premiums or accretion of any discounts. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the valuereceived upon actual sale of those investments. The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interestrates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes ininterest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, whichmay affect the value and/or liquidity of certain Fund investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains orlosses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any)is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion ofdiscount on debt securities as applicable. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds fromlitigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments nolonger held and as unrealized gain (loss) for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis ofsecurities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination ofnet realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assetsand the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculationof the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not consideredoperating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement ofChanges in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in theFinancial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser. The Fund allocates realized capital gains and losses to a class based on the relative net assets of each class. The Fund allocatesincome to a class based on the relative value of the settled shares of each class.


D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realizedcapital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all ofthe Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income(including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded inthe financial statements. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained.Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should berecorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that thetotal amounts of unrecognized tax benefits will change materially in the next 12 months. The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject toexaminations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class.Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged tosuch class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classesare allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relativenet assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportingperiod including estimates and assumptions related to taxation. Actual

10 Invesco U.S. Government Money Portfolio

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Page 1 of 1 results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that

may occur or become known after the period-end date and before the date the financial statements are released to print.H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is

indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal courseof business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses.The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made againstthe Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including theFund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchaseagreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked tomarket daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in somerepurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds,private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Jointrepurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of arepurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expensesin enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level ofsupport they receive from the government. The government may choose not to provide financial support to government sponsoredagencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able torecover its investment in such issuer from the U.S. Government.

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility,liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions ofhealthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significanteconomic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate otherpre-existing political, social and economic risks locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.



Average Daily Net Assets* Rate First $ 500 million 0.450% Next $500 million 0.425% Next $500 million 0.400% Next $1.5 billion 0.375% Over $3 billion 0.350%

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2021, the effective advisory fees incurred by the Fund was 0.41%. Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH,Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and InvescoAsset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paidto the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on thepercentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement withOppenheimerFunds, Inc. to provide discretionary management services to the Funds. The Adviser has contractually agreed, through June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to theextent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain itemsdiscussed below) of Invesco Cash Reserve, Class C, Class R, Class Y, and Class R6 shares to 0.73%, 1.58%, 1.08%, 0.58%, and 0.48%,respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory feesand/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses afterfee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on shortsales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actuallypay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022.During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory feewaiver without approval of the Board of Trustees. To the extent that the annualized ratio does not exceed the expense limits, the Adviser willretain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase theFund’s yield. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board ofTrustees without further notice to investors. For the six months ended August 31, 2021, the Adviser contractually reimbursed class level expenses of $40,287, $7,082, $3,905,$1,057,981 and $5, of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively, and Invesco voluntarily waivedadvisory fees of $3,057,279, reimbursed Fund level expenses of $50,235 and reimbursed class level expenses $67,757, $52,229, $15,721and $716,531 of Invesco Cash Reserve, Class C, Class R and Class Y shares, respectively, in order to increase the yield. The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to payInvesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021,expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco hasentered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fundaccountant and provides certain administrative services to the Fund. The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which theFund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expensesincurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the sixmonths ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees. The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class C, andClass R shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s InvescoCash Reserve, Class C and Class R shares (collectively the 11 Invesco U.S. Government Money Portfolio

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Page 1 of 1“Plan”). The Fund pursuant to the Plan, pays IDI compensation at the annual rate of 0.15% of the average daily net assets of Invesco CashReserve shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. Thefees are accrued daily and paid monthly. Any amounts not paid as a service fee under the Plan would constitute an asset-based salescharge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based salescharges, that may be paid by any class of shares of the Fund plans. For the six months ended August 31, 2021, expenses incurred underthe plans are shown in the Statement of Operations as Distribution fees. Expenses incurred after voluntary yield waivers are $0, $0 and $0for Invesco Cash Reserve, Class C and Class R shares, respectively. Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end salescommissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC arededucted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised theFund that IDI imposed CDSC on redemptions by shareholders for Class C shares of $258. Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.


GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs tovaluation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1)and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable.Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods mayresult in transfers in or out of an investment’s assigned level: Level 1 – Prices are determined using quoted prices in an active market for identical assets. Level 2 –


Level 3 –


As of August 31, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments forsecurity categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investingin those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differfrom the value received upon actual sale of those investments.




The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Suchbalances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. Tocompensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in theaccount so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at arate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.


The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which maydiffer from GAAP.Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital losscarryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets willbe reported at the Fund’s fiscal year-end. Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date mayaffect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in thefuture may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. The Fund did not have any capital loss carryforward as of February 28, 2021.



Six months endedAugust 31, 2021



Sold: Invesco Cash Reserve 14,352,541 $ 14,352,541 104,717,832 $104,717,832

Class C 1,450,678 1,450,678 29,269,887 29,269,887

Class R 2,495,656 2,495,656 10,100,878 10,100,878

Class Y 132,461,960 132,461,960 474,869,673 474,869,673


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Six months endedAugust 31, 2021



Issued as reinvestment of dividends: Invesco Cash Reserve 1,862 $ 1,862 8,309 $ 8,309

Class C 327 327 1,070 1,070

Class R 179 179 573 573

Class Y 38,453 38,453 608,278 608,278

Automatic Conversion of Class C shares to Invesco CashReserve shares: Invesco Cash Reserve 48,307 48,307 2,474,092 2,474,092

Class C (48,307) (48,307) (2,474,092) (2,474,092)

Reacquired: Invesco Cash Reserve (27,347,705) (27,347,705) (59,370,664) (59,370,664)

Class C (4,726,200) (4,726,200) (18,091,050) (18,091,050)

Class R (3,507,295) (3,507,295) (5,343,485) (5,343,485)

Class Y (265,504,480) (265,504,480) (563,606,073) (563,606,073)

Net increase (decrease) in share activity (150,284,024) $(150,284,024) (26,834,772) $ (26,834,772)


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Actual expenses



The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actualexpense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid forthe period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5%hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs,such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, thehypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning differentfunds. In addition, if these transaction costs were included, your costs would have been higher.

HYPOTHETICAL ACTUAL (5% annual return before expenses) Beginning Ending Expenses Ending Expenses Annualized Account Value Account Value Paid During Account Value Paid During Expense

Class (03/01/21) (08/31/21)1 Period2 (08/31/21) Period2 RatioInvesco Cash Reserve $1,000.00 $1,000.04 $0.30 $1,024.90 $0.31 0.06%

C 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06R 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06Y 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06

R6 1,000.00 1,000.04 0.30 1,024.90 0.31 0.06




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At meetings held on June 10, 2021, theBoard of Trustees (the Board or the Trustees)of AIM Investment Securities Funds (InvescoInvestment Securities Funds) as a whole, andthe independent Trustees, who comprise over75% of the Board, voting separately,approved the continuance of the Invesco U.S.Government Money Portfolio’s (formerly,Invesco Oppenheimer Government MoneyMarket Fund) (the Fund) Master InvestmentAdvisory Agreement with Invesco Advisers,Inc. (Invesco Advisers and the investmentadvisory agreement) and the MasterIntergroup Sub-Advisory Contract for MutualFunds with Invesco Asset ManagementDeutschland GmbH, Invesco AssetManagement Limited, Invesco AssetManagement (Japan) Limited, Invesco HongKong Limited, Invesco Senior SecuredManagement, Inc. and Invesco Canada Ltd.and separate sub-advisory contracts withInvesco Capital Management LLC andInvesco Asset Management (India) PrivateLimited and OppenheimerFunds, Inc.(collectively, the Affiliated Sub-Advisers andthe sub-advisory contracts) for another year,effective July 1, 2021. After evaluating thefactors discussed below, among others, theBoard approved the renewal of the Fund’sinvestment advisory agreement and the sub-advisory contracts and determined that thecompensation payable thereunder by theFund to Invesco Advisers and by InvescoAdvisers to the Affiliated Sub-Advisers is fairand reasonable.The Board’s Evaluation ProcessThe Board has established an InvestmentsCommittee, which in turn has establishedSub-Committees that meet throughout theyear to review the performance of fundsadvised by Invesco Advisers (the InvescoFunds). The Sub-Committees meet regularlywith portfolio managers for their assignedInvesco Funds and other members ofmanagement to review detailed informationabout investment performance and portfolioattributes of these funds. The Board hasestablished additional standing and ad hoccommittees that meet regularly throughoutthe year to review matters within theirpurview. The Board took into accountevaluations and reports that it received fromits committees and sub-committees, as wellas the information provided to the Board andits committees and sub-committeesthroughout the year, in considering whether toapprove each Invesco Fund’s investmentadvisory agreement and sub-advisorycontracts. As part of the contract renewal process,the Board reviews and considers informationprovided in response to detailed requests forinformation submitted to management by theindependent Trustees with assistance fromlegal counsel to the independent Trustees.The Board receives comparative investmentperformance and fee and expense dataregarding the Invesco Funds prepared byBroadridge Financial Solutions, Inc.(Broadridge), an independent mutual funddata provider, as well as information on thecomposition of the peer groups provided byBroadridge and its methodology fordetermining peer groups. The Board alsoreceives an independent written evaluationfrom the Senior Officer, an officer of theInvesco Funds who reports directly to theindependent Trustees. The Senior Officer’sevaluation is prepared as part of hisresponsibility to manage the process bywhich the

Invesco Funds’ proposed management feesare negotiated during the annual contractrenewal process to ensure they are negotiatedin a manner that is at arms’ length andreasonable. In addition to meetings withInvesco Advisers and fund counsel throughoutthe year and as part of meetings convened onApril 27, 2021 and June 10, 2021, theindependent Trustees also discussed thecontinuance of the investment advisoryagreement and sub-advisory contracts inseparate sessions with the Senior Officer andwith independent legal counsel.



The Board reviewed the nature, extent andquality of the advisory services provided to theFund by Invesco Advisers under the Fund’sinvestment advisory agreement, and thecredentials and experience of the officers andemployees of Invesco Advisers who providethese services, including the Fund’s portfoliomanager(s). The Board’s review includedconsideration of Invesco Advisers’ investmentprocess and oversight, credit analysis, andresearch capabilities. The Board consideredinformation regarding Invesco Advisers’programs for and resources devoted to riskmanagement, including management ofinvestment, enterprise, operational, liquidity,valuation and compliance risks, and technologyused to manage such risks. The Boardreceived a description of Invesco Advisers’business continuity plans and of its approachto data privacy and cybersecurity, includingrelated testing. The Board considered how thecybersecurity and business continuity plans ofInvesco Advisers and its key service providersoperated in the increased remote workingenvironment resulting from the novelcoronavirus (“COVID-19”) pandemic. TheBoard also considered non-advisory servicesthat Invesco Advisers and its affiliates provideto the Invesco Funds, such as various backoffice support functions, third party oversight,internal audit, valuation, portfolio trading andlegal and compliance. The Board observed thatInvesco Advisers has been able to effectivelymanage, operate and oversee the InvescoFunds through the challenging COVID-19pandemic period. The Board reviewed andconsidered the benefits to shareholders ofinvesting in a Fund that is part of the family offunds under the umbrella of

Invesco Ltd., Invesco Advisers’ parentcompany, and noted Invesco Ltd.’s depth andexperience in running an investmentmanagement business, as well as itscommitment of financial and other resourcesto such business. The Board concluded thatthe nature, extent and quality of the servicesprovided to the Fund by Invesco Advisers areappropriate and satisfactory.

The Board reviewed the services that maybe provided by the Affiliated Sub-Advisersunder the sub-advisory contracts and thecredentials and experience of the officers andemployees of the Affiliated Sub-Advisers whoprovide these services. The Board noted theAffiliated Sub-Advisers’ expertise with respectto certain asset classes and that the AffiliatedSub-Advisers have offices and personnel thatare located in financial centers around theworld. As a result, the Board noted that theAffiliated Sub-Advisers can provide researchand investment analysis on the markets andeconomies of various countries in which theFund may invest, make recommendationsregarding securities and assist with securitytrades. The Board concluded that the sub-advisory contracts may benefit the Fund andits shareholders by permitting InvescoAdvisers to use the resources and talents ofthe Affiliated Sub-Advisers in managing theFund. The Board concluded that the nature,extent and quality of the services that may beprovided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.B. Fund Investment PerformanceThe Board considered Fund investmentperformance as a relevant factor inconsidering whether to approve theinvestment advisory agreement. The Boarddid not view Fund investment performance asa relevant factor in considering whether toapprove the sub-advisory contracts for theFund, as no Affiliated Sub-Adviser currentlymanages assets of the Fund. The Board compared the Fund’sinvestment performance over multiple timeperiods ending December 31, 2020 to theperformance of funds in the Broadridgeperformance universe. The Board noted thatperformance of Class Y shares of the Fundwas in the fourth quintile of its performanceuniverse for the one year period and the thirdquintile for the three and five year periods(the first quintile being the best performingfunds and the fifth quintile being the worstperforming funds). The Board noted thatperformance of the Fund was below theperformance universe median for the oneyear period, reasonably comparable to theperformance universe median for the threeyear period and the same as the performanceuniverse median for the five year period. TheBoard considered that the Fund was createdin connection with Invesco Ltd.’s acquisitionof OppenheimerFunds, Inc. and itssubsidiaries (the “Transaction”) and that theFund’s performance prior to the closing of theTransaction on May 24, 2019 is that of itspredecessor fund. The Board recognized thatthe performance data reflects a snapshot intime as of a particular date and that selectinga different performance period could producedifferent results. The Board also reviewedmore recent Fund performance as well asother performance metrics, which did notchange its conclusions.

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C. Advisory and Sub-Advisory Fees and FundExpenses

The Board compared the Fund’scontractual management fee rate to thecontractual management fee rates of fundsin the Fund’s Broadridge expense group.The Board noted that the contractualmanagement fee rate for Class Y shares ofthe Fund was above the mediancontractual management fee rate of fundsin its expense group. The Board noted thatthe term “contractual management fee” forfunds in the expense group may includeboth advisory and certain non-portfoliomanagement administrative services fees,but that Broadridge is not able to provideinformation on a fund by fund basis as towhat is included. The Board also reviewedthe methodology used by Broadridge incalculating expense group information,which includes using each fund’scontractual management fee schedule(including any applicable breakpoints) asreported in the most recent prospectus orstatement of additional information foreach fund in the expense group. TheBoard also considered comparativeinformation regarding the Fund’s totalexpense ratio and its various components.The Board noted that the Fund’scontractual management fees and totalexpense ratio were in the fourth and fifthquintile, respectively, of its expense groupand discussed with management reasonsfor such relative contractual managementfees and total expenses, including thatsome of the Fund’s expense group peershave a unitary fee structure. The Boardalso noted that the Fund’s total expenseratio is as of the fiscal year end ofFebruary 28, 2020 and does not reflectadditional voluntary waivers to maintain apositive yield subsequent to such date. The Board noted that Invesco Advisershas contractually agreed to waive feesand/or limit expenses of the Fund for theterm disclosed in the Fund’s registrationstatement in an amount necessary to limittotal annual operating expenses to aspecified percentage of average daily netassets for each class of the Fund. The Board also considered the feescharged by Invesco Advisers and itsaffiliates to other client accounts that aresimilarly managed. Invesco Advisersreviewed with the Board differences in thescope of services it provides to the InvescoFunds relative to that provided by InvescoAdvisers and its affiliates to certain othertypes of client accounts, including, amongothers: management of cash flows as aresult of redemptions and purchases;necessary infrastructure such as officers,office space, technology, legal anddistribution; oversight of service providers;costs and business risks associated withlaunching new funds and sponsoring andmaintaining the product line; andcompliance with federal and state laws andregulations. Invesco Advisers also advisedthe Board that many of the similarlymanaged client accounts have all-inclusivefee structures, which are not easily un-bundled. The Board also considered the servicesthat may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisorycontracts, as well as the fees payable byInvesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisorycontracts.D. Economies of Scale and BreakpointsThe Board considered the extent to whichthere may be economies of scale in theprovision of advisory services to the Fundand the Invesco Funds, and the extent to

scale through contractual breakpoints in theFund’s advisory fee schedule, whichgenerally operate to reduce the Fund’sexpense ratio as it grows in size. The Boardnoted that the Fund also shares ineconomies of scale through InvescoAdvisers’ ability to negotiate lower feearrangements with third party serviceproviders. The Board noted that the Fundmay also benefit from economies of scalethrough initial fee setting, fee waivers andexpense reimbursements, as well asInvesco Advisers’ investment in its business,including investments in businessinfrastructure, technology and cybersecurity.E. Profitability and Financial ResourcesThe Board reviewed information fromInvesco Advisers concerning the costs of theadvisory and other services that InvescoAdvisers and its affiliates provide to theFund and the Invesco Funds and theprofitability of Invesco Advisers and itsaffiliates in providing these services in theaggregate and on an individual Fund-by-Fund basis. The Board considered themethodology used for calculating profitabilityand noted that such methodology hadrecently been reviewed and enhanced. TheBoard noted that Invesco Advisers continuesto operate at a net profit from servicesInvesco Advisers and its affiliates provide tothe Invesco Funds in the aggregate and tomost Funds individually. The Board did notdeem the level of profits realized by InvescoAdvisers and its affiliates from providingsuch services to be excessive, given thenature, extent and quality of the servicesprovided. The Board noted that InvescoAdvisers provided information demonstratingthat Invesco Advisers is financially soundand has the resources necessary to performits obligations under the investment advisoryagreement, and provided representationsindicating that the Affiliated Sub-Advisersare financially sound and have theresources necessary to perform theirobligations under the sub-advisorycontracts.F. Collateral Benefits to Invesco Advisers and its






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which such economies of scale are sharedwith the Fund and the Invesco Funds. TheBoard considered that the Fund benefitsfrom economies of

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∎ Fund reports and prospectuses∎ Quarterly statements∎ Daily confirmations∎ Tax forms Invesco mailing informationSend general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078. Important notice regarding delivery of security holder documentsTo reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multipleaccounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitelyunless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for othermembers of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financialinstitution. We will begin sending you individual copies for each account within 30 days after receiving your request. Fund holdings and proxy voting informationThe Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files acomplete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. Forthe second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders.The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfoliosecurities is available without charge, upon request, from our Client Services department at 800 959 4246, or atinvesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month periodended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutionalclients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds,exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. O-GMKT-SAR-1

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ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

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ITEM 11. CONTROLS AND PROCEDURES.

(a) As of October 21, 2021, an evaluation was performed under the supervision and with the participation of the officers of the

Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that

term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the

Registrant’s officers, including the PEO and PFO, concluded that, as of October 21, 2021, the Registrant’s disclosure controls and

procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and

Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as

appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)

that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the

Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT

COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1) Not applicable.

13(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the

Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3) Not applicable.

13(a) (4) Not applicable

13(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the

Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Securities Funds (Invesco Investment Securities Funds)

By: /s/ Sheri Morris

Sheri Morris

Principal Executive Officer

Date: November 4, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been

signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Sheri Morris

Sheri Morris

Principal Executive Officer


By: /s/ Adrien Deberghes

Adrien Deberghes

Principal Financial Officer


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I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to

make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period

covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of

the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule

30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us

by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed

under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions

about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report,

based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period

covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over

financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board

of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which

are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s

internal control over financial reporting.

Date: November 4, 2021 /s/ Sheri Morris

Sheri Morris, Principal Executive Officer

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I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to

make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period

covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of

the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule

30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us

by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed

under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions

about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report,

based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period

covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over

financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board

of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which

are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s

internal control over financial reporting.

Date: November 4, 2021 /s/ Adrien Deberghes

Adrien Deberghes, Principal Financial Officer

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CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the

“Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the

“Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to

section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations

of the Company.

Date: November 4, 2021 /s/ Sheri Morris

Sheri Morris, Principal Executive Officer

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CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the

“Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the

“Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted

pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations

of the Company.

Date: November 4, 2021 /s/ Adrien Deberghes

Adrien Deberghes, Principal Financial Officer